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September 4, 2013
09:10 EDTALVRAlvarion receives court approval for sale to Valley Telecom
Alvarion announced that Yoav Kfir, the court-appointed Receiver, has received the approval of the District Court of Tel Aviv Yaffo for the sale of Alvarion's assets to Valley Telecom. Following the Court hearing held on September 2 a second round of negotiations was executed, and the Court approved a revised proposal submitted by Valley Telecom. Valley Telecom will pay for the company's assets no less than NIS38M. An initial payment of NIS12.5M will be made on September 15 and at that time Valley Telecom will take over the company's operations. The balance of the payment 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 and published in Israeli newspapers. Creditors' meetings will be held no earlier than 14 days after the publication. If the creditors' plan and settlement is approved before January 30, 2014, it will result in an additional payment by Valley Telecom of NIS6.25M, and the issuance to the Receiver of shares representing 15% of the company's outstanding ordinary shares, post settlement.
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