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Gilat Satellite Networks [Nasdaq:GILTF] has received approval from the Israel District Court in Tel Aviv for its debt-restructuring plan. The court’s approval of the plan, allowing the company to restructure its principal debt obligations, is the final approval required for its debt restructuring process. The company expects to close the process by the end of March.

Under the plan, Gilat will issue a combination of 4 percent convertible notes due 2012 and its ordinary shares in exchange for all outstanding notes and a portion of bank debt. As a result, the company expects to reduce its principal debt by approximately $300 million. The plan also includes the restructuring of the terms of its bank debt.

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