SerVision Granted Extension From Israeli Court For Creditor Protection

LONDON (Alliance News) - SerVision PLC on Friday said trustees of subsidiary SerVision Ltd in Israel have been granted an extension for creditor protection by the court.

The request was submitted to the court by the trustees of the company, and the deadline has now been pushed back from Monday to May 22.

The trustees have also agreed to extend the deadline for receiving offers for SerVision Ltd. Offers now have to be submitted by 1600 IST, or 1400 BST, on May 6.

In late March, a freezing order was put in place protecting SerVision Ltd from creditors until the end of April. Around the same time SerVision said it had received an expression of interest for the Israeli subsidiary.

The company continue to believe that "not much value, if any" will be returned from its debt and shareholding in SerVision Ltd.

Its other operations are SerVision UK Ltd, and it is also considering its options with regard to this.

Shares were suspended from trading in February after the company failed to secure further funding.