RSL sells deltathree stake

Voice-over-IP provider deltathree today said its financially troubled majority shareholder, RSL Communications, has sold its stake in the company.

RSL filed for bankruptcy protection in January and has since been selling off its assets worldwide. Israeli-based investors known as the Tshuva Group purchased RSL’s 67% stake in deltathree common stock for 80 cents per share totaling $15.7 million.

Deltathree CEO Noam Bardin said, as a result of the sale, the company can proceed without being burdened by the “ownership issue” that has plagued it recently.

“Every partner and potential customer immediately asked, ‘So, what’s the story with your parent company going bankrupt?’” Bardin said. “Obviously, that doesn’t lend, especially in these turbulent times we’re in, to credibility with customers.”

Bardin said deltathree would continue operating independently and would not alter its business plan because of the shareholder change. With Tshuva’s support, deltathree will be more stable, he said.

“The reason they invested in us is because they believe in our business plan and what we’re doing and they want to take part in it,” Bardin said.

On news of the sale, shares of RSL closed today down 22.86%, to 27 cents. The company faces possible Nasdaq delisting.

Deltathree shares closed up 21.62%, to 90 cents.