Gilat Satellite Networks has commenced the solicitation of proxies for a meeting of the holders of its 4.25 percent Convertible Subordinated Notes due 2005 to approve a plan of arrangement with certain creditors pursuant to Section 350 of the Israeli Companies Law--1999, as described in a proxy solicitation statement being sent by the Company to all holders of the Notes as of January 2, 2003, the record date for the solicitation.
The purpose of the plan of arrangement is to permit the Company to restructure its principal debt obligations, including the Notes. The plan of arrangement includes an offer by the Company to issue a combination of 4.00 percent Convertible Notes due 2012 and its ordinary shares, par value NIS 0.01, in exchange for all the Notes.
Gilat Satellite Networks, with its global subsidiaries Spacenet and Gilat Latin America, is a leading provider of telecommunications solutions based on Very Small Aperture Terminal (VSAT) satellite network technology - with nearly 400,000 VSATs shipped worldwide. The Company is a joint venture partner in SATLYNX, a provider of two-way satellite broadband services in Europe with SES GLOBAL. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
