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Elbit Imaging Subsidiary, Plaza Centers, Announced Withholding of Material Payments


Elbit Imaging (NASDAQ: EMITF) announced today that its subsidiary, Plaza Centers N.V. (LSE: PLAZ, WSE: PLZ/PLAZACNTR) ("Plaza"), has announced that as consistently reported in Plaza's statements to shareholders, Plaza has faced challenging market conditions for some years. As indicated by Plaza, these have primarily been caused by the underlying economic situation in many of the countries in which Plaza operates, combined with the lack of transactional liquidity in the investment markets for assets such as those owned by Plaza and the ongoing lack of traditional bank financing available to real estate developers and investors.

Plaza had furthered elaborated that, against this background, Plaza's management team has made considerable progress in re-positioning its business model to ensure that it is focused on the deleveraging of its balance sheet and the recycling of capital, primarily through the disposal of its non-core assets. In 2013 alone, Plaza has raised approximately €61 million through the disposal of five assets and the collection of the remaining proceeds from the transaction in the US. In addition, Plaza has successfully applied intensive asset management initiatives to maximize the income generated by its portfolio of investment assets, seeing marked improvement in

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