Tel Aviv court approves first parts of Alvarion creditors' plan

|About: Alvarion Ltd. (ALVR)|By:, SA News Editor

The District Court of Tel Aviv has approved payments to secured lender Silicon Valley Bank and advance payments to Alvarion's (ALVR) employees at a preliminary hearing regarding the company's creditors' plan.

The creditors' plan of settlement, under which creditors would receive NIS 12.2M from asset sales and 15% of newly-issued share capital, will be discussed at a hearing on Dec. 2. The plan is contingent on Alvarion's continued Nasdaq and Tel Aviv listings.