Valley Telecom made its initial payment of about $3.54 million for Alvarion, in accordance with a court-approved agreement to buy the former WiMAX gear maker out of receivership. The payment marked Valley's assumption of management and financing of Alvarion's operations.
On Sept. 4, the District Court of Tel Aviv-Yaffo approved the sale of Alvarion's assets to Valley, a fellow Israeli company, for no less than $10.42 million. Subsequent payments shall be made no later than the end of 2014, Alvarion said.
A creditors plan and settlement are slated for submission to the court by Oct. 2. Alvarion said creditors' meetings will be held no earlier than 14 days thereafter.
Alvarion, one of WiMAX's biggest champions over the years, announced in February 2013 that it would sell its WiMAX business to network vendor Telrad Networks for $6.1 million. By then, Alvarion had diversified into other businesses such as distributed antenna systems (DAS) and Wi-Fi, the latter stemming from its November 2011 purchase of Wi-Fi equipment vendor Wavion.
For more:
- see this Alvarion release
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