The company and its Series A bondholders agreed to negotiate for seven more days on a settlement.
Orckit Communications Ltd. (Nasdaq: ORCT; TASE: ORCT) yesterday postponed its petition for a stay of proceedings filed on Sunday with the Tel Aviv District Court until January 8, after its Series A bondholders have agreed to continue negotiations on a settlement for one more week, without the involvement of the courts. The company therefore . The bondholders agreed not to take any legal action until then.
In response to the joint request, the Tel Aviv District Court stated its grief that the company has been placed between two irreconcilable demands by the representatives of the holders of its two bond series, and it gave the trustees of each of the two bond series seven days to respond to Orckit's petition. The court also prohibited the bondholders from taking any legal action against the company until the court rules otherwise.
Published by Globes [online], Israel business news - www.globes-online.com - on January 3, 2012
© Copyright of Globes Publisher Itonut (1983) Ltd. 2012