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Bethel Finance news:
Orckit Communications Ltd. (Nasdaq: ORCT; TASE: ORCT) today announced it has reached an agreement in principle with the representatives of the holders of its Series A bond. Under the pending agreement, the March 2012 early redemption right on a significant portion of the bonds' principal will be deferred, and there will be a lower conversion price for them. The company and the bondholders have therefore petitioned the Tel Aviv District Court to stop its review of the company's petition for a stay of proceedings, which it filed last week.
Orckit and the bondholders intend to reach a detailed agreement as soon as possible and submit to all stakeholders for approval, including both the Series A and Series B bondholders, as well as the shareholders.
Orckit's share price rose 8.9% by mid-afternoon on the TASE to NIS 3, and rose 9.7% in premarket trading on Nasdaq to $0.79, giving a market cap of $17 million.
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