TEL AVIV, Israel, October 20, 2013 /PRNewswire/ --
Elbit Imaging Ltd. ("EI" or the "Company") (TASE, NASDAQ: EMITF) announced today, further to the Company's announcement on October 10, 2013, that at meetings of the Company's unsecured financial creditors that took place on October 14, 2013 and October 18, 2013 (the " Meetings"), the proposed restructuring of the Company's unsecured financial debt pursuant to the adjusted plan of arrangement described in the Company's press release dated September 18, 2013 (the " Arrangement") was approved by creditors representing approximately 97% of unsecured financial debt. The Company intends to submit to the Court a motion to approve the Arrangement in the coming days.
The Arrangement remains subject to the approval of the Court and such other conditions described in the Company's Proxy Statement dated July 16, 2013 and in the Company's press release dated September 18, 2013.
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, the Company operate and manage commercial and entertainment centers prior to their sale; (ii) Hotels - Hotel operation and management; (iii) 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; (iv) Residential Projects - Initiation, construction and sale of residential projects and other mixed-use real property projects, predominately residential, located primarily in India; and (v) Fashion Apparel - Distribution and marketing of fashion apparel and accessories in Israel. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995