District Court rejected the approval of Exphon's sale deal to Shemaiah Reichman's Wadeley Mobile

Lod District Court Judge Irit Weinberg-Notowicz rejected the approval of Exphon's sale deal to Shemaiah Reichman's Wadeley Mobile and returned the decision to Expon's creditors to reconsider. The judge ruled that the creditors' meeting would be held on September 29 and a court hearing two days later.
The judge's decision was intended to bring before the creditors the two leading proposals - that of Wadeley Mobile and that of the Itzik Ben Eliezer and Moti Ben Moshe Group - with all the full details.
In Ben Eliezer's proposal, the judge asked for a signed agreement between the group and Cellcom and not just an early agreement. The judge also demanded that the agreement be revealed to the Ministry of Communications before reaching the creditors' decision. The judge also asked Wadeley Mobile to strengthen the collateral to secure its offer to creditors.
Judge Weinberg-Notowitz's decision contradicted the position of the special director appointed by Exphon as part of the company's insolvency case, Adv. Amit Lederman. The company also won a majority of votes from the creditors, with the company's employees supporting this proposal which gives certainty to 100% of the employees for the next three years.
However, in an opinion submitted by the Ministry of Communications to the court, he stated that from the beginning when asked by the special administrator, he stated that the first priority for him was to preserve Expon's status as an independent mobile operator (MNO) and not to turn the company into a virtual operator (MVNO). mobile. The Ministry of Communications' recommendation is in support of Cellcom, the main victim of Expon's deal with Wadeley Mobile, as it cancels the network sharing agreement between the companies and leaves it alone with huge investments in the deployment of the fifth generation network.
Bidders will now be required to refine their bids in preparation for another round of creditor sympathy, under the opinion of the Ministry of Communications.