Elbit Imaging Announces Dispute Between Controlling Shareholders and Bank Hapoalim
Elbit Imaging (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