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Alvarion (in Receivership) Provides Update on Company's Creditors' Plan of Settlement

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Alvarion (in receivership) (NASDAQ: ALVR) announced today that the District Court of Tel Aviv – Yaffo held a hearing regarding the creditors' plan of settlement which was submitted to the Court on November 6, 2013.

Under the plan, the Company's creditors will receive NIS 12.2 million of the proceeds from the sale of the Company's assets as stipulated in the asset sale agreement and will be issued Company shares constituting 15% of the Company's share capital. The proposed creditors' plan of settlement is subject to certain conditions, including approval by a creditors' meeting and the continued listing of the Company on NASDAQ and the Tel Aviv Stock Exchange after January 13, 2014. In order to meet this condition and remain listed, the Company must emerge from bankruptcy proceedings and demonstrate compliance with all applicable requirements for initial listing on NASDAQ by that date.

At a preliminary hearing held on November 11, 2013, the Court approved payment to Silicon Valley Bank, a secured lender, as well as advance payments to the Company's employees.

The court has scheduled another hearing to further discuss the proposed creditors' plan of settlement for December 2, 2013.

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Posted-In: News Guidance Contracts Legal Management Global

 

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