Elbit Imaging Announces Clarifications Regarding Proposed Debt Restructuring

 Elbit Imaging Announces Clarifications Regarding Proposed Debt Restructuring

PR Newswire

TEL AVIV, Israel, March 17, 2013

TEL AVIV, Israel, March 17, 2013 /PRNewswire/ --

Elbit Imaging Ltd. (the "Company") (TASE, NASDAQ: EMITF) announced today,
following requests for certain clarifications from bondholders and their
representatives in connection with the proposed restructuring of the debt of
the Company (the "Restructuring") described in the press release issued by the
Company on February 27, 2013 (the "Prior Press Release"), the following

No Voting Agreements

York Capital Management Global Advisors, LLC ("York") and Davidson Kempner
Capital Management LLC ("DK", and collectively with York, the "Funds") have
informed the Company that there are no voting agreements between them, nor are
there any voting agreements between either of them, on the one hand, and
Mordechay Zisser, the Chief Executive Officer and a director of the Company
and the Company’s controlling shareholder and/or any entity in his control, on
the other hand, nor do they have any current intentions to enter into such
voting agreements.

No Current Intentions to Raise Capital or Issue Additional Securities

The Company does not have any current intentions to raise capital and/or to
issue any additional securities of the Company (via a private placement,
public offering or otherwise) following the completion of the Restructuring
and the issuance of the New Notes and the Ordinary Shares (as set forth and
described in the Prior Press Release) or in the near future thereafter nor do
its current plans require such capital raising or issuance of new securities.

No Additional Transactions

There are no transactions currently contemplated between the Company and the
Funds except as set forth in the Prior Press Release, and the Company does not
have any current intentions to enter into any other such transaction. Any
future transactions between the Company and the Funds will be subject to the
receipt of all approvals required under applicable law and will be conducted
on an arm's-length basis.

Board of Directors

Following the closing of the Restructuring and subject to any provisions of
any applicable law or regulation or rule of an applicable stock exchange, a
shareholder that beneficially holds Ordinary Shares representing 12% or more
of the outstanding Ordinary Shares of the Company will have the right to
appoint one member of the Board of Directors, in addition to such shareholder
having the right to vote its shares in a general meeting of the shareholders
of the Company for the election of directors. A shareholder exercising this
right will be able to appoint only one additional member of the Board of
Directors regardless of the number of Ordinary Shares in excess of 12%
beneficially held by such shareholder together with its affiliates.

New Notes

Following their issuance, the New Notes that will be issued as part of the
Restructuring as (as set forth and described in the Prior Press Release) will
be listed for trading on the Tel Aviv Stock Exchange free of any restrictions
or limitations on trading but will not be listed for trading on the NASDAQ
Global Select Market.

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 depending on market conditions, we operate and manage
commercial and entertainment centers prior to their sale; (ii) U.S. Real
Property - Investment in commercial real property in the United States; (iii)
Hotels - Hotel operation and management; (iv) Medical Industries - (a)
research and development, production and marketing of magnetic resonance
imaging guided focused ultrasound treatment equipment and (b) development of
stem cell population expansion technologies and stem cell therapy products for
transplantation and regenerative medicine; (v) Residential Projects -
Initiation, construction and sale of residential projects and other mixed-use
real property projects, predominately residential, located primarily in India;
(vi) Fashion Apparel - Distribution and marketing of fashion apparel and
accessories in Israel; and (vii) Other Activity - venture capital investments.

Safe Harbor Statement under the Private Securities Litigation Reform Act of

Any forward-looking statements in our releases include statements regarding
the intent, belief or current expectations of Elbit Imaging Ltd. and our
management about our business, financial condition, results of operations, and
its relationship with its employees and the condition of our properties. Words
such as “believe,” "would," “expect,” “intend,” “estimate” and similar
expressions are intended to identify forward-looking statements but are not
the exclusive means of identifying such statements. Actual results may differ
materially from those projected, expressed or implied in the forward-looking
statements as a result of various factors including, without limitation, the
risk that a definitive agreement relating to the Restructuring will not be
reached, that the Restructuring will not be approved by all the applicable
stakeholders of the Company, the Court or others, that challenges by third
parties or other events outside the control of the Company could delay the
implementation of the Restructuring and result in its termination, and the
factors set forth in our filings with the Securities and Exchange Commission
including, without limitation, Item 3.D of our annual report on Form 20-F for
the fiscal year ended December 31, 2011, under the caption “Risk Factors.” Any
forward-looking statements contained in our releases speak only as of the date
of such release, and we caution existing and prospective investors not to
place undue reliance on such statements. Such forward-looking statements do
not purport to be predictions of future events or circumstances, and
therefore, there can be no assurance that any forward-looking statement
contained our releases will prove to be accurate. We undertake no obligation
to update or revise any forward-looking statements.

For Further Information:

    Company Contact:                  Investor Contact:
    Shimon Yitzhaki                   Mor Dagan
    Chairman of the Board of
    Directors                         Investor Relations
    Tel: +972-3-608-6048              Tel: +972-3-516-7620
    shimony@elbitimaging.com          mor@km-ir.co.il

SOURCE Elbit Imaging Ltd.
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