UPDATE 2-Alvarion says Silicon Valley Bank seeks receiver for loan

Israeli wireless broadband technology firm Alvarion Ltd said Silicon Valley Bank had requested a Tel Aviv court to enforce liens and appoint a receiver to collect a loan issued to the company.

US-listed shares of the company fell 54 percent to 48 cents. Trading in the company’s Tel Aviv-listed shares were halted earlier after Israeli newspapers reported that the bank had sought a receiver for Alvarionover a $3 million debt that the bank says the company cannot repay.

« The court has prohibited any disposition of Alvarion’s assets, whether direct or indirect, until and unless the court decides otherwise, » Alvarion said in a statement late on Thursday.

Further court hearings are scheduled for July 15.

Alvarion has 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.

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

 You can see the article from the source here.

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