Alvarion Requests Court to Approve Improved Proposal from Valley Telecom to Acquire the Company and Its Assets
Alvarion Ltd. (in Receivership) (Nasdaq: ALVR), a global provider of optimized wireless broadband solutions addressing the connectivity, coverage and capacity challenges of public and private networks, announced today that Mr. Yoav Kfir, the court-appointed Receiver, submitted an urgent motion to the District Court of Tel Aviv – Yaffo requesting the Court to approve a revised proposal from Valley Telecom Ltd. to acquire the Company and its assets.
Following the motion submitted by the Receiver on August 25, 2013, requesting the Court to approve the sale of certain assets and a controlling interest of the Company to Valley Telecom, the Receiver received revised proposals from certain bidders and consequently conducted another round of negotiations with these bidders for the Company and its assets. As a result of these negotiations, Valley Telecom submitted a revised proposal to pay a minimum of NIS 20.75 million (approximately $5.8 million) for all of the Company's assets and, should a creditors' settlement be approved, at least 75% of the Company's outstanding ordinary shares, as well as additional contingent payments.
In particular, Valley Telecom will make the following payments:
NIS 12 million payable in two installments by September 30, 2013.