YAVNE, Israel, November 29, 2013 /PRNewswire/ -- G. Willi-Food International Ltd. (NASDAQ: WILC) (the " Company" or " Willi-Food"), is pleased to announce that it has reached an agreement with C.D-B.A Holdings (Designated) (2013) Ltd. (" C.D-B.A") according to which the Company would provide a convertible loan in the aggregate amount of NIS 65 million (approximately USD 18.3 million) (the " Loan"), convertible at the election of the Company into shares of IDB Holding Corporation (" IDBH") or IDB Development Company Ltd. (" IDBD"), each traded on the Tel Aviv Stock Exchange, to be held by C.D-B.A. IDBH is one of the largest holding companies in Israel and controls, both directly and indirectly through its holding companies, in companies involved in a wide range of business activities in Israel and abroad, such communications, retail, real estate, finance, insurance and aviation. IDBH conducts many of its activities through its holdings in IDBD, its wholly owned subsidiary. IDBH and IDBD are currently in debt reorganization proceedings in Israeli court. The number of shares issuable upon conversion of the Loan will be determined based on the ratio between the principal amount of the Loan and the amount of equity contributed by C.D-B.A in the context of debt arrangement of IDBH. To the best knowledge of the Company, C.D-B.A is owned 70% indirectly by Emblaze Ltd., a public company listed on the London Stock Exchange (" Emblaze"), and 30% by Mr. Nochi Dankner and his family members (" Dankner"). C.D-B.A is part of a group of investors that also includes Netz Group Ltd., Alon Car Garage (1992) Ltd., Mr. Daniel Hosidman and the Nakash family (collectively, the " InvestorGroup") that financially supports the most recent reorganization plan between IDBH and its creditors submitted by IDBH to Israel court under Section 350 of the Israel Companies Law (the " Plan"). The Loan will be convertible at the election of the Company into shares of the company (IDBH or IDBD) into which the Investor Group determines to invest pursuant to the Plan. The Loan is intended to be used by C.D-B.A to consummate the Plan. The amount of the Loan will be included with the other funds deposited in trust to secure the investment of the Investor Group in IDBH, pursuant to the Plan.