Bloomberg News

Orckit Falls Most Since 2002 in on Deferral, Price Cut

February 17, 2012

(Updates with closing share price in second paragraph.)

Feb. 16 (Bloomberg) -- Orckit Communications Ltd. slumped the most in more than nine years after it reached an agreement with Series A bondholders that includes deferring early redemption rights and lowering the conversion price.

The shares tumbled 27 percent, the biggest drop since November 2002, to 2.06 shekels at the 4:30 p.m. close in Tel Aviv, giving the company a market value of 46.9 million shekels ($12 million). The stock tumbled as much as 41 percent earlier.

--With assistance from Daliah Merzaban in Dubai. Editors: Claudia Maedler, Inal Ersan

To contact the reporter on this story: Shoshanna Solomon in Tel Aviv at ssolomon22@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net


Tim Cook's Reboot
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus