TEL AVIV, Israel, Dec. 01, 2016 (GLOBE NEWSWIRE) -- Elbit Imaging Ltd. ("EI" or the "Company") (TASE:EMITF) (NASDAQ:EMITF) announced today, in further to its announcement, dated on November 7, 2016 regarding the proposed amendments to the restructuring plan of Plaza Centers N.V. ("Plaza") (LSE:PLAZ) , an indirect subsidiary (45%) of the Company, that the holders of Plaza's Series A Notes, Series B Notes and Polish Notes (collectively, the " Notes") have approved the proposed amendments by the required majorities The approval of the proposed amendments shall enter into force immediately. The proposed amendments include, inter alia, the postponement of the early prepayments term, as determined in the restructuring plan, by up to four (4) months, and the reduction of the requested early prepayments term's total amount to at least NIS 382,000,000. As part of the proposed Amendments, Plaza will pay, on March 31, 2018, one-time payment of 0.25% of Plaza's outstanding debt. In addition, Plaza agreed with the Noteholders that in the event of successful sale of the Casa Radio project in Bucharest, Romania (the " Project"), including by way of sale of Plaza's holdings in the Project (but excluding the injection of monies into the Project by a third party), prior to the full repayment of the relevant Notes, and in no event later than December 31, 2019, and provided that the net proceeds actually received by Plaza from such sale exceed Euro 45 million (the " Minimum Proceeds"), Plaza will pay to the Noteholders additional one-time payment which is derived from the net proceeds actually received by Plaza on top of the Minimum Proceeds, which can be in a range of between Euro 1 and approximately Euro 11 million. Plaza further announced that in light of a technical error in the amended deed of trust of Series B Notes in connection with the minimum repayment amount that will result in an early redemption of the Series B Notes, it plans to convene an additional meeting of Series B Noteholders to amend the said amount.
Elbit Imaging (EMITF) is rocketing higher on Tuesday after announcing its Gamida Cell Ltd, which Elbit's subsidiary Elbit Medical Technologies holds 30.8% voting power in, had received an acquisition proposal from a pharmaceutical company.