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Elbit Subsidiary, Plaza Centers, Announced Grant of its Application for Reorganization Proceedings


Elbit Imaging (NASDAQ: EMITF) ("Elbit") announced today that its subsidiary, Plaza Centers N.V. has announced that further to the announcement dated November 14, 2013, that Plaza has filed for reorganization proceedings with the District Court of Amsterdam in the Netherlands (the "Court") and submitted a restructuring plan to the Court. Pursuant to Dutch reorganization proceedings, the Court appoints an administrator to manage the affairs of Plaza together with existing management; ordinary unsecured creditors of  Plaza become subject to a stay and Plaza has the ability to restructure its debts during the moratorium with majority consent of its creditors. Throughout the restructuring process Plaza intends to continue its business activities as normal.

Further to that announcement, Plaza announced that the Court has granted its application for preliminary suspension of payment proceedings. The Court has appointed an administrator and a supervisory judge. In its announcement, Plaza stated that throughout the restructuring process, it intends to continue its business activities as normal, and that its team will manage its affairs alongside the administrator.  

Plaza noted further, that in order to resolve its liquidity situation, it has filed with the Court a

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