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TEL AVIV, Israel,
February 26, 2013 /PRNewswire/ --
Elbit Imaging Ltd. ("EI" or the
"Company") (TASE, NASDAQ: EMITF) announced today that the Company's controlling shareholders, Europe-Israel MMS Ltd. ("
Europe Israel") and Mr.
Mordechay Zisser, have notified the Company that Europe Israel has filed with the
Tel Aviv District Court a request for an arrangement with creditors under Section 350 of the Israeli Companies Law. This action follows a notice received by Europe Israel from Bank Hapoalim (the "
Bank") of an alleged breach of its loan agreement with the Bank and demanding immediate repayment. Europe
Israel and Mr. Zisser have also notified the Company that they utterly reject the Bank's claim of breach and intend to vigorously defend their rights. The Bank has a pledge on the shares of the Company held by Europe Israel as collateral for the loan in question.
About Elbit Imaging Ltd.
Elbit Imaging Ltd. operates in the following principal fields of business: (i)
Commercial and Entertainment Centers - Initiation, construction and sale of shopping and entertainment centers and other mixed-use real property projects, predominantly in the retail sector, located in Central and
Eastern Europe and in
India, primarily through its subsidiary Plaza Centers N.V. In certain circumstances and depending on market conditions, we operate and manage commercial and entertainment centers prior to their sale; (ii)
U.S. Real Property - Investment in commercial real property in
the United States; (iii)
Hotels - Hotel operation and management; (iv)
Medical Industries - (a) research and development, production and marketing of magnetic resonance imaging guided focused ultrasound treatment equipment and (b) development of stem cell population expansion technologies and stem cell therapy products for transplantation and regenerative medicine; (v)
Residential Projects - Initiation, construction and sale of residential projects and other mixed-use real property projects, predominately residential, located primarily in
Fashion Apparel - Distribution and marketing of fashion apparel and accessories in
Israel; and (vii)
Other Activity - venture capital investments.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995