Cellcom Israel Announces Court Approves Creditor's Arrangement for IDBH

Cellcom Israel

announced today that, following its previous reports in relation to the financial condition of IDB Holding Corporation Ltd., or IDBH, and IDB Development Corporation Ltd. (currently a wholly owned subsidiary of IDBH), or IDBD, the Company's indirect controlling shareholders, IDBH and IDBD reported that an Israeli court has approved a creditors' arrangement for IDBH, following which (if implemented) IDBD will be controlled by the Elzstain -Extra group, led by Mr. Eduardo Elzstain (who as of December 31, 2012, held 10% of the outstanding share capital of a private company that is among the current controlling shareholders of IDBH) and Mr. Mordechai Ben Moshe.