The Cellcom Company, a mobile phone service supplier in Israel, on Monday evening was given the approval of its fiscal rehabilitation program as the company continues to fall in its standing, unable to compete with the strong competition and lowering prices in the communications industry.

KAN News reports that the fiscal rehabilitation plan will likely result in the loss of hundreds of jobs, but a number will not be announced until the scope of the fiscal rehab plan is announced.

In its Monday evening notification to the stock market, Cellcom officials signaled negotiations with workers towards addressing changes in the collective work agreement, to cut between NIS 450 and 500 million this year towards beginning to cover the company’s debt.

(YWN Israel Desk – Jerusalem)