Alvarion (in Receivership) Provides Update on Company's

New Post Public Reply Private Reply Replies (0) Message Board
News Desk 2018
Alvarion (in Receivership) Provides Update on Company's Creditors' Plan of Settlement

ROSH HA'AYIN, Israel, Nov. 13, 2013 (GLOBE NEWSWIRE) -- Alvarion ® Ltd. (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.

This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained herein are based largely on the Company's current expectations and assumptions and are subject to a number of risks and uncertainties. The Company cautions that trading in its ordinary shares is highly speculative and poses substantial risks. The Company emphasizes that its currently outstanding ordinary shares may have limited value, and urges extreme caution with respect to any existing or future investments in its ordinary shares. In addition, there is no guarantee that the Company will be successful in keeping its ordinary shares listed on NASDAQ and consequently on the Tel Aviv Stock Exchange. The Company makes no commitment to revise or update any forward-looking statements to reflect any facts, events or circumstances after the date any such statement is made, that may bear upon such forward-looking statements.

Investor & Media Contacts: Elana Holzman

Scroll down for more posts ▼

Top 10 Most Recent News Articles

Hyliion Class Action Deadline Nears for Investors

Updated Category News Views 50

Potential Shockwaves for Hyliion Investors Investors are having a showdown with Hyliion (NYSE:HYLN) these days. With the looming October 27, 2026, deadline to jump into a securities class action, it seems Hyliion's latest escapade smells worse than a fish market on a hot day. We’ve got allegations here stronger than your uncle’s morning coffee. Understanding the Legal...

Continue Reading
Voter Events by Valley Community Healthcare Aim to Empower

Updated Category News Views 29

Here's a game-changer for the community. Valley Community Healthcare (VCH) is stepping up, proving that healthcare doesn't just stick to check-ups and prescriptions. It's about the whole shebang—community empowerment included. This October, VCH is hosting two incredible voter events, collaborating with the Los Angeles County Registrar-Recorder's Mobile Voting Program....

Continue Reading
Innventure Faces Major Lawsuit Over Misleading Investors

Updated Category News Views 48

Missteps at Innventure: A Costly Lesson in Investor Trust The stock market is no stranger to drama, but Innventure's saga feels like a page ripped right out of a thriller novel. You’ve got accusations, alleged fabrications, and a swift drop in stock prices that’s left some investors shaking their heads. The company, nestled under the ticker NASDAQ:INV, finds itself...

Continue Reading
Weifang's Cultural Resurgence: A Global Epigraphy Fest

Updated Category News Views 40

A Historical Meltdown into Global Recognition Welcome to the ride where ancient stones talk and cultural borders vanish. We're diving into the beating heart of Weifang, a place you're probably hearing about now because the town's hosting a packed international media tour. And, for a change, this isn't just another tourist trap; it's a cultural adrenaline shot to the arm,...

Continue Reading
LG OLED evo W6: UAE Roadshow Starts with a Bang

Updated Category News Views 41

They've done it again, folks. LG Electronics is out there kicking up a storm with their all-new OLED evo W6 True Wireless Wallpaper TV, and they're bringing the action straight to the UAE's doorsteps. Imagine taking a stroll and stumbling upon this technological marvel at some fancy spot like The Lotus Lounge at Anantara The Palm Dubai Resort. This ain't just a TV, it's a...

Continue Reading
Masimo's smartSET™ Revolutionizes Patient Monitoring

Updated Category News Views 40

Breaking Ground in Patient Monitoring Let's dive into the gritty details behind Masimo's latest FDA-nod: the smartSET™ system. This gizmo ain't your ordinary pulse oximeter; it's a next-gen hand-holder for the medical world, poised to ride the AI wave straight into the clinic. They've cracked open a new way for clinicians to peek behind the curtain of patient vitals,...

Continue Reading
AEVEX Facing Class Action Deadline Amid Stock Turmoil

Updated Category News Views 45

Investors are no strangers to the rough and tumble of stock markets, but things get downright messy when trust is shattered. That's the sorry saga unfolding with AEVEX, where shareholders are feeling the heat after a sharp nosedive in stock value. The clock is ticking to join the class action, and any AEVEX investor worth their salt should pay attention. Unraveling...

Continue Reading

Top 5 Most Recently Viewed Articles

Key Economic Indicators Shaping Financial Markets This Week

Updated Category News Views 84

Key Economic Indicators Impacting Financial Markets This Week As traders prepare for another important trading day, there’s a significant emphasis on crucial decisions and economic data releases that are expected to sway market trends. Particularly, the Manufacturing and Services PMI reports are critical indicators of current economic conditions and business sentiment....

Continue Reading
Innovative Alliance Launched for Sustainable Aviation Fuel Production

Updated Category News Views 230

Innovative Alliance for Sustainable Aviation Fuel In a forward-thinking move, industry leaders Honeywell (NASDAQ: HON), Johnson Matthey, GIDARA Energy, and SAMSUNG E&A have united to form a strategic technology alliance aimed at revolutionizing the production of Sustainable Aviation Fuel (SAF). This collaboration focuses on converting biomass and municipal solid waste...

Continue Reading
Pfizer's Strategy to Strengthen Bid for Metsera Amid Rivalry

Updated Category News Views 144

Pfizer's Bold Move in the Metsera Acquisition Battle The Delaware Chancery Court recently ruled against Pfizer Inc. (NYSE: PFE), rejecting its request for a temporary restraining order aimed at blocking Metsera, Inc. (NASDAQ: MTSR) from terminating its merger agreement with Pfizer in light of a competing proposal from Novo Nordisk A/S (NYSE: NVO). Pfizer's Response to the...

Continue Reading
Innovative Garden Movement Highlighted in Film Premiere

Updated Category News Views 349

Film Premiere Celebrates Gardening Activism Miranda Winters and Rocky Romano are excited to announce a significant event that stands out in the film industry—a premiere of their thought-provoking short film, "Gangsta Gardener." This highly anticipated event will take place at the prestigious Hammer Museum, an influential cultural institution representing creativity and...

Continue Reading
SineuGene Advances Gene Therapy for ALS into Global Trials

Updated Category News Views 267

Exciting Developments in Gene Therapy for ALS SineuGene Therapeutics Co., Ltd., a pioneering clinical-stage biotechnology company, recently achieved a significant milestone in the development of innovative treatments for amyotrophic lateral sclerosis (ALS). The company has secured clearance for its Investigational New Drug (IND) application for SNUG01, a novel gene...

Continue Reading