Tel Aviv court approves first parts of Alvarion creditors' plan

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.

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