Alvarion Receiver Requests Court To Approve Valley Telecom's Improved Proposal

(RTTNews) - Alvarion Ltd. (ALVR), a provider of optimized wireless broadband solutions, Thursday said its court-appointed Receiver Yoav Kfir submitted an urgent motion to the District Court of Tel Aviv - Yaffo for the approval of a revised proposal from Valley Telecom Ltd. to acquire the company and its assets.

After the motion submitted by the Alvarion on August 25, it received revised proposals from certain bidders and conducted another negotiations with the bidders. As a result of which, Valley Telecom submitted a revised proposal to pay a minimum of NIS 20.75 million or $5.8 million. Particularly, Valley Telecom will pay in two installments by September 30, NIS 12 million, and a minimum of NIS 6.25 million payable in four installments, NIS 2.5 million for the patent's payable at end of 2013.

If the creditors' settlement is not approved, the NIS 6.25 million above mentioned shall be credited against this payment, Alvarion said.

Additionally, Valley Telecom will assume the management and financing of the Company's operations beginning from Spetemebr 15, and will also receive newly-issued shares representing at least 75 percent of the Company's outstanding ordinary shares should a creditors' settlement be approved.