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
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 equires 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
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
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.
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