Orckit Announces Court Approval to Convene Meetings to Approve Creditor Arrangement and Notice of Extraordinary General Meeting
April 14 2014 - 2:36AM
Business Wire
Orckit Communications Ltd. (OTCQB:ORCT) (the "Company")
today announced that the District Court of Tel Aviv has approved
the Company's request to convene meetings of its creditors and
shareholders to consider a proposed arrangement among the Company
and its wholly-owned subsidiary Orckit Corrigent Ltd., on the one
hand, and its Series A note holders, Series B note holders and
certain other creditors, on the other hand, pursuant to Section 350
of the Israeli Companies Law.
An Extraordinary General Meeting of Shareholders will be held on
Wednesday, May 14, 2014 at 2:00 p.m. (Israel time), at the offices
of the Company, 126 Yigal Allon Street, Tel Aviv, Israel. The
record date for the meeting is April 22, 2014. A proxy statement
describing the matters on the agenda and a proxy card for use by
shareholders that cannot attend the meeting in person will be sent
by mail to the Company’s shareholders that hold shares registered
with the American Stock Transfer & Trust Company, including
shares held via DTC members.
The agenda of the meeting is the approval of the aforesaid
arrangement and related matters, including an amendment to the
Company's articles of association. The proposal requires the
affirmative approval of a majority by number of the shareholders
voting their shares, in person or by proxy, and holding at least
75% of the shares voting on the matter.
The quorum for the meeting is the presence, in person, by proxy
or by written ballot, of at least two shareholders holding at least
25% of the Company's outstanding Ordinary Shares. If a quorum is
not present, the meeting will be adjourned to such day and at such
time and place as the Chairman may determine with the consent of
the holders of a majority of the Ordinary Shares represented at the
meeting in person, by proxy or by written ballot, and voting on the
question of adjournment. We expect the adjourned meeting, if
applicable, to be scheduled for May 15, 2014 at 2:00 p.m. (Israel
time), at the offices of our company. At an adjourned meeting, any
two shareholders present in person, by proxy or by written ballot,
will constitute a quorum.
The creditor meeting was scheduled for May 4, 2014 at 2:00 p.m.
(Israel time).
Representatives of the Company and the note holders have reached
an agreement in principle regarding the proposed creditor
arrangement, but the definitive terms and provisions of the
proposed arrangement have not yet been finalized. There can be no
assurance that a definitive agreement will be reached and approved
by the creditors and the shareholders of the Company. Under
applicable law, the arrangement also requires the approval of the
Tel Aviv District Court and the Tel Aviv Stock Exchange.
About Orckit Communications Ltd.
Orckit facilitates the delivery by telecommunication providers
of high capacity broadband residential, business and mobile
services over wireline or wireless networks with its
Orckit-Corrigent family of products. Orckit was founded in 1990 and
became publicly traded in 1996. Orckit's shares are traded on the
OTCQB and the maintenance list of the Tel Aviv Stock Exchange and
is headquartered in Tel-Aviv, Israel.
For more information, please visit
http://www.orckit.com. Follow Orckit on Twitter @ORCT.
Orckit Communications Ltd.Oren Tepper, phone:
0097236945260email: orent@orckit.com
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