Barak transfers plan of arrangement cash to U.S.-issued notes trustee

By Caroline Salls

Pittsburgh, Dec. 27 - Barak ITC (1995) - The International Telecommunications Services Corp. Ltd. transferred a cash payment to Matav-Cable Systems Media Ltd.'s notes trustee under Barak's plan of arrangement under Section 350 of the Israeli Companies Law, according to a company news release.

The payment accounted for the restructuring of Barak's share capital and notes issued in the United States.

Upon the closing of the plan, Matav Investments Ltd. will hold 18.5% of Barak's issued share capital.

Barak is a long-distance carrier and internet service provider based in Rosh Ha'Ayin, Israel.

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