Orckit trustees' stay petition denied, negotiations sent to mediation

By Caroline Salls

Pittsburgh, Feb. 20 - Orckit Communications Ltd. said the District Court of Tel Aviv declined to grant a petition filed by the trustees of the company's series A and series B noteholders for a stay of proceedings and the appointment of a trustee over Orckit, according to a 6-K filed Thursday with the Securities and Exchange Commission.

Instead, the court directed the parties to finalize their negotiations on the terms of an arrangement under the Israeli Companies Law with the assistance of a mediator.

The court also prohibited the filing of any claims against the company until further notice.

A further hearing is scheduled for March 5.

Orckit is a Tel Aviv-based maker of broadband telecommunications equipment.

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