Alvarion Ltd. (Nasdaq: ALVR; TASE: ALVR) employees today filed an urgent petition with the Tel Aviv District Court to appoint a liquidator for the company. The court will hear the petition tomorrow morning, together with the petition to appoint a receiver for the company, filed last Thursday by Silicon Valley Bank.
"The company's employees, whom I represent, have petitioned for the appointment of a temporary liquidator, Adv. Erez Haver, in order to try and guarantee that the company will stay in business, and to ensure the employment of the maximum number of the currently employed employees," said the employee's attorney, Adv. Offir Ronen.
Ronen added that Alvarion's employees want the money to which they are entitled as part of the liquidation process. They also want the company to stay in business and sold to an investor. "Potential investors are already interested," he said.
Alvarion's share price fell 24% in morning trading on the TASE today, to NIS 1.60, before trading was suspended. The share fell 41.8% on the TASE on Thursday, following the filing by Silicon Valley Bank. The share price closed at $0.45 on Nasdaq on Friday, giving a market cap of $2.8 million.
Published by Globes [online], Israel business news - www.globes-online.com - on July 14, 2013
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