Court approves Alvarion receiver's work plan

The Tel Aviv District Court approved operation of the company by the receiver, under the plan he submitted, for 30 days until August 23.

Yoav Kfir CPA, the receiver appointed last week for Alvarion Ltd. (Nasdaq: ALVR; TASE: ALVR) has submitted his first report to the court asking to approve temporary operation of the company and a plan for compensating its employees.

Today the Tel Aviv District Court discussed the subject and Judge Eitan Orenstin approved operation of the company by the receiver, under the plan he submitted, for 30 days until August 23.

Judge Orenstin said, "It is clear that some of the employees, especially those working in development, are ready to take part in the settlement under certain conditions such as promising to return vehicle expenses and the like and some do not agree. In such circumstances the receiver is asked to approve the basic outline plan so that every employee can consider if he will take part or not."

The judge gave approval that every Alvarion employee is permitted to take part in the settlement submitted by the receiver. At the same time the receiver has until July 31 to file an intermediary report with the court.

Last week all Alvarion's employees were fired as part of the receivership proceedings but the receiver proposed a plan to the court to retain 55 employees for a month at a cost of NIS 10,000 per employee. In addition, all employees who continue through August 14 will receive an extra payment equal to their full salary before receivership with full social benefits and a 50% bonus on their full salary. Five pregnant employees will be employed on full salary.

Published by Globes [online], Israel business news - www.globes-online.com - on July 21, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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