District Court Of Tel-Aviv - Yaffo To Appoint Receiver For Alvarion - Update

(RTTNews) - Israel-based wireless products maker Alvarion Ltd. (ALVR) Monday announced that the District Court of Tel-Aviv - Yaffo has decided to appoint Yoav Kfir as the company's Receiver. Alvarion said its management will work with Kfir and assist him in executing his plan for the company.

Sunday, the company said its board of directors has decided not to object to the request submitted by Silicon Valley Bank for the enforcement of liens related to loan extended by the bank to the company and for the appointment of a receiver for its enforcement. The requested was filed before the District Court of Tel-Aviv - Yaffo.

On July 11, Alvarion announced that Silicon Valley Bank has submitted a request for the enforcement of liens and for the appointment of a Receiver. The company then said it was reviewing the legal ramifications of this request.

Following the firm's announcement on July 11, the District Court of Tel-Aviv - Yaffo decided not to currently honor Silicon Valley Bank's unilateral request for the enforcement of Liens and the appointment of a Receiver to enforce such Liens against the company's assets.

The court also prohibited any disposition of Alvarion's assets, whether direct or indirect, until and unless the court decides otherwise. Further court hearings were scheduled for July 15, 2013.

Alvarion provides optimized wireless broadband solutions addressing connectivity, coverage and capacity challenges of telecom operators, smart cities, security, and enterprise customers.

Trading was halted on Thursday in view of the pending announcement.