Barak plan of arrangement approved by Tel Aviv court

By Caroline Salls

Pittsburgh, Dec. 12 - Barak ITC (1995) - The International Telecommunications Services Corp. Ltd.'s plan of arrangement under Section 350 of the Israeli Companies Law was approved Wednesday by the District Court of Tel Aviv, according to a 6-K filing with the Securities and Exchange Commission.

Parties to the plan include the company, the holders of its series B senior subordinated discount notes due 2007 that were issued in the United States, Bank Hapoalim BM, Israel Discount Bank Ltd., the company's shareholders and some investors.

As previously reported, holders of 99.92% of the notes approved the plan.

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

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