Steve Mehs
02-06-03, 05:09 AM
Gilat Satellite Networks, known for its VSAT products and backing of the StarBand satellite broadband service, said its bank lenders and debt holders approved its debt restructuring plan announced last fall.
Approval of the plan will allow Gilat to restructure its principal debt obligations. It was the final creditor approval required for the company's debt restructuring process. Gilat said its next move is to make a filing with the Israeli District Court in Tel Aviv to obtain court approval for the arrangement.
Yoel Gat, Gilat's chairman and CEO, said the company received support from more than 91 percent of bondholders who voted for the plan, representing 99.5 percent of the principal amount of bonds that voted at the bondholder meeting. "With this support, we can move forward to execute our strategy with a significantly improved balance sheet and cost structure," he said.
As a result of the restructuring, Gilat said it expects to reduce its principal debt by approximately $300 million. Gilat said it expects to close the entire process by mid-March 2003.
From SkyReport (http://www.skyreport.com/skyreport/feb2003/020603.shtm#four) (Used with Permission)
Approval of the plan will allow Gilat to restructure its principal debt obligations. It was the final creditor approval required for the company's debt restructuring process. Gilat said its next move is to make a filing with the Israeli District Court in Tel Aviv to obtain court approval for the arrangement.
Yoel Gat, Gilat's chairman and CEO, said the company received support from more than 91 percent of bondholders who voted for the plan, representing 99.5 percent of the principal amount of bonds that voted at the bondholder meeting. "With this support, we can move forward to execute our strategy with a significantly improved balance sheet and cost structure," he said.
As a result of the restructuring, Gilat said it expects to reduce its principal debt by approximately $300 million. Gilat said it expects to close the entire process by mid-March 2003.
From SkyReport (http://www.skyreport.com/skyreport/feb2003/020603.shtm#four) (Used with Permission)