July 11, 2013 / 8:01 AM / 4 years ago

Alvarion shares halted in Tel Aviv pending announcement

JERUSALEM, July 11 (Reuters) - The Tel Aviv Stock Exchange halted trading in shares of wireless broadband technology firm Alvarion Ltd pending an announcement by the company.

“The company said it intends to publish a statement based on reports regarding a request to appoint a receiver for the company’s assets,” the Tel Aviv bourse said on Thursday.

Israeli newspapers reported that Silicon Valley Bank had petitioned a Tel Aviv court to appoint a receiver for Alvarion over a $3 million debt that the bank says the company cannot repay.

The company had struggled to gain a foothold in the long-range wireless Internet sector with its WiMax products and earlier this year sold its broadband wireless access business to Telrad Networks for $6 million. {ID:nL6N0BO0YU]

Alvarion posted a 45 percent drop in first-quarter revenue to $8.5 million and posted a loss excluding one-off items of 51 cents a share.

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