Alvarion (in Receivership) Announces Valley Telecom Makes First Payment
Alvarion Ltd. (in Receivership) (NASDAQ: ALVR) announced today that Valley Telecom Ltd. has made the first payment of NIS 12.5 million in accordance with the court-approved sale of the Company's assets to Valley Telecom.
Following this payment, Valley Telecom has assumed the management and financing of the Company's operations and the court-mandated operating plan had ended.
As previously announced, on September 4, 2013, the District Court of Tel Aviv – Yaffo approved the sale of Alvarion's (in receivership) assets to Valley Telecom for no less than NIS 38 million. Subsequent payments shall be made no later than the end of 2014.
In addition, a creditors plan and settlement will be submitted to the Court by October 2, 2013. Creditors' meetings will be held no earlier than 14 days thereafter.
Valley Telecom has acted on behalf of Alvallytech Ltd. in this transaction.