Elbit Imaging Announces Update in its Court Proceeding With Bank Hapoalim

  Elbit Imaging Announces Update in its Court Proceeding With Bank Hapoalim

PR Newswire

TEL AVIV, Israel, June 20, 2013

TEL AVIV, Israel, June 20, 2013 /PRNewswire/ --

Elbit Imaging Ltd. ("EI" or the "Company") (TASE, NASDAQ: EMITF) announced
today, further to the Company's announcement dated June 6, 2013 regarding the
acceleration notice received from Bank Hapoalim B.M. ("Bank"), demanding
repayment within seven days of the outstanding balance of approximately $58.15
million (approximately NIS 213.47 million), and the Company's announcement on
June 12, 2013 regarding the filing by the Company of a motion for a temporary
restraining order against the Bank prohibiting the Bank from taking any action
in accordance with the acceleration notice above, that the Company and the
Bank have reached an agreement that the Bank will not realize its lien on the
Company's shares in Plaza Centers N.V. without giving the Company a seven day
prior notice. Accordingly, on June 20, 2013, the Company filed a motion with
the Court, with the consent of the Bank, requesting to withdraw its motion for
a temporary restraining order and its related complaint. On June 20, 2013, the
Court issued an order denying the Company's motion and complaint on the one
hand, but ordering the Bank that any realization of its liens, in Israel or
abroad, must be effected with transparency and in good faith in the context of
insolvency proceedings before the Court, while taking into consideration the
other creditors of the Company, to the extent possible, and the mitigation of
their damages.

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, the Company operate and
manage commercial and entertainment centers prior to their sale; (ii) Hotels -
Hotel operation and management; (iii) 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; (iv) Residential Projects -
Initiation, construction and sale of residential projects and other mixed-use
real property projects, predominately residential, located primarily in India;
and (v) Fashion Apparel - Distribution and marketing of fashion apparel and
accessories in Israel.

Safe Harbor Statement under the Private Securities Litigation Reform Act of
1995

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
our relationship with our 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
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, 2012, 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 in our releases will prove to be accurate. We undertake no
obligation to update or revise any forward-looking statements.

For Further Information:

Company Contact:
Shimon Yitzhaki
Chairman of the Board of Directors
Tel: +972-3-608-6048
shimony@elbitimaging.com 

Investor Contact:
Mor Dagan
Investor Relations
Tel: +972-3-516-7620
mor@km-ir.co.il 

SOURCE Elbit Imaging Ltd.
 
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