Elbit Imaging Announces Approval of an Amendment of the 2014 Restructuring Plan of Its Subsidiary, Plaza Centers
December 01 2016 - 11:47AM
Elbit Imaging Ltd. (“EI” or the
“Company”) (TASE:EMITF) (NASDAQ:EMITF) announced
today, in further to its announcement, dated on November 7, 2016
regarding the proposed amendments to the restructuring plan of
Plaza Centers N.V. ("Plaza")
(LSE:PLAZ)
, an indirect subsidiary (45%) of the
Company, that the holders of Plaza’s Series A Notes, Series B Notes
and Polish Notes (collectively, the "
Notes") have
approved the proposed amendments by the required majorities
The approval of the proposed amendments shall
enter into force immediately. The proposed amendments include,
inter alia, the postponement of the early prepayments term, as
determined in the restructuring plan, by up to four (4)
months, and the reduction of the requested early prepayments term's
total amount to at least NIS 382,000,000.
As part of the proposed Amendments, Plaza will
pay, on March 31, 2018, one-time payment of 0.25% of Plaza’s
outstanding debt. In addition, Plaza agreed with the Noteholders
that in the event of successful sale of the Casa Radio project in
Bucharest, Romania (the "Project"), including by
way of sale of Plaza's holdings in the Project (but excluding the
injection of monies into the Project by a third party), prior to
the full repayment of the relevant Notes, and in no event later
than December 31, 2019, and provided that the net proceeds actually
received by Plaza from such sale exceed Euro 45 million (the
"Minimum Proceeds"), Plaza will pay to the
Noteholders additional one-time payment which is derived from the
net proceeds actually received by Plaza on top of the Minimum
Proceeds, which can be in a range of between Euro 1 and
approximately Euro 11 million.
Plaza further announced that in light of a
technical error in the amended deed of trust of Series B Notes in
connection with the minimum repayment amount that will result in an
early redemption of the Series B Notes, it plans to convene an
additional meeting of Series B Noteholders to amend the said
amount.
About Elbit Imaging Ltd.
Elbit Imaging Ltd. operates in the following
principal fields of business: (i) Commercial centers - initiation,
construction, and sale of commercial centers and other mixed-use
property projects, predominantly in the retail sector, located in
Central and Eastern Europe. In certain circumstances and depending
on market conditions, the Group operates and manages commercial
centers prior to their sale. (ii) Hotel - operation and
management of the Radisson hotel Complex in Bucharest, Romania.
(iii) Medical industries and devices - (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) Plots in India - plots designated for sale initially
designated to residential projects.
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,” “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, a
change in market conditions, a decision to deploy the cash for
other business opportunities 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, 2015, 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
Ron Hadassi
Chairman of the Board of Directors
Tel: +972-3-608-6048
Fax: +972-3-608-6050
ron@elbitimaging.com
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