Orckit Announces Agreement in Principle With Its Series A Note Holders

Orckit Communications Ltd.

, today announced it has reached an agreement in principle with the representatives of the holders of its Series A convertible notes. The agreement contemplates the deferral of the March 2012 early redemption right with respect a significant portion of the principal amount of the Series A notes, a reduction of the price at which the Series A notes may be converted at the option of each holder and a reduction of the price at which the Series A notes may be converted at the option of the Company. Accordingly, the Company and such representatives have jointly filed a request with the Tel Aviv District Court to stop its review of the Company's petition for a stay of proceedings filed last week.