TEL AVIV, Israel
March 20, 2013
Elbit Imaging Ltd. ("EI"
"Company") (TASE, NASDAQ: EMITF)
announced today that it has received a letter from Bank Leumi le-Israel B.M. (the "
") demanding repayment within ten days of the outstanding balance of approximately
NIS 52 million
) due primarily under the loans made by the Bank to the Company (the "
"). The Bank stated that it was taking this action in light of the Company's current financial condition and the Company having informed the Bank that it would not be making the upcoming payment to the Bank on
March 29, 2013
of principal and interest due under the Loans. The Bank also informed the Company that it had placed a freeze on certain accounts maintained by the Company with the Bank in which the Company holds cash and trading securities in the amount of approximately
NIS 13 million
") until the outstanding amounts due are repaid. The Bank has also notified the Company that should such repayment will not be made within ten days the Bank is preserving his rights to take all actions necessary in order to protect his rights under the loan agreements including offsetting any amounts in the Leumi accounts against the Loans.
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
, 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
- Hotel operation and management; (iv)
- (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)
- Initiation, construction and sale of residential projects and other mixed-use real property projects, predominately residential, located primarily in
- Distribution and marketing of fashion apparel and accessories in
; and (vii)
- venture capital investments.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995