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News Breaks | | | | February 26, 2013 | | 06:20 EDT |  | EMITF | Elbit Imaging announces dispute between controlling shareholders, Bank Hapoalim
Elbit Imaging announced that the company's controlling shareholders, Europe-Israel MMS and Mordechay Zisser, have notified the company that Europe Israel has filed with the Tel Aviv District Court a request for an arrangement with creditors under Section 350 of the Israeli Companies Law. This action follows a notice received by Europe Israel from Bank Hapoalim of an alleged breach of its loan agreement with the Bank and demanding immediate repayment. Europe Israel and Zisser have also notified the company that they utterly reject the Bank's claim of breach and intend to vigorously defend their rights. The Bank has a pledge on the shares of the company held by Europe Israel as collateral for the loan in question. | |
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| May 21, 2013 | | 06:23 EDT | | EMITF | Elbit Imaging announces updated notice from Bank Leumi
Elbit Imaging announced, further to the company's announcement dated March 20, that it has received a notice from Bank Leumi le-Israel B.M., which the company vigorously reject, stating that the Bank plans to exercise its rights to withdraw the securities deposited by the company in its securities accounts with the Bank as security for the company's obligations to the Bank, and sell such securities to partially offset the company's outstanding obligations to the Bank in the approximate amount of $12.9M. The company denies the Bank's rights and in particular, its claim that allegedly, the Bank holds the securities as a security. In addition, the company has received a series of notices from the Bank stating that, beginning May 27, the Bank will terminate the credit lines provided by the Bank to certain accounts maintained by the company and two of its subsidiaries at the Bank and that following such date any outstanding interest remaining in such accounts will begin accruing interest at an extraordinary rate, despite the fact that those subsidiaries have credit balance in those accounts. The company intends to vigorously reject and defend such claims and demands. | |
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