Eurocom owes close to 1 billion Israeli shekels (€230m) to its bankers, and another 200 million to various other creditors, and is now formally in liquidation.

The move follows on from a Court ruling, even though many of the company’s key assets have already been sold or allocated for sale. The other sales, notably of Eurocom’s holdings in satellite operator Spacecom, as well as Internet Gold and a few real estate elements, are subject to managers appointed by the Court who must file a report by May 30th.

The company’s holdings in Bezeq Israeli Telecommunications are in the hands of lawyers.

Eurocom’s 55 per cent holdings in Spacecom are already in the hands of lawyers acting on behalf of Eurocom Real Estate, and which were held as security for loans.

A police investigation into certain alleged activity at Bezeq and the satellite TV company YES, continues, according to local reports.

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