Alvarion corrects PR: SVB to receive NIS12.2M, other creditors NIS6.25M

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

Alvarion (ALVR) issues a correction to an earlier PR. A Tel Aviv court has approved a NIS12.2M payment to secured creditor Silicon Valley Bank.

The court will hold a hearing on Dec. 2 to consider the remaining aspects of the creditors' plan, which includes NIS6.25M (previously reported as NIS12.2M) in payments to creditors from the proceeds of asset sales and issuance of new shares representing 15% of outstanding stock.

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