Elbit Imaging Announces Court Ruling, Results of Extraordinary General Meeting
Elbit Imaging Ltd. (NASDAQ: EMITF) (the "Company") announced today, further to its announcement on July 22, 2013, that the Tel Aviv District Court (the "Court"), in a ruling dated August 19, 2013, rejected the Company's position that the unsecured creditors of the Company approved the resolution at the Company's creditors' meetings held on July 15, 2013 and July 17, 2013, to approve the Company's proposed plan of arrangement of its unsecured financial debt (the "Arrangement") and the transactions contemplated thereby, and, as a result, the Court ruled that the Company did not receive the votes required for approval of the Arrangement. The Court stated that nothing in its ruling sets forth the Court's position regarding the advisability of the Arrangement, and directed the Company and its creditors to attempt to negotiate a revised Arrangement within a short time period.
The Company also announced the results of the Extraordinary General Meeting of its shareholders, held on Monday, August 19, 2013, in Bnei Brak, Israel. At the meeting, the resolution to approve the Arrangement was approved. The resolution to approve the proposed arrangement presented by certain representatives of the Company's Series C to Series G and