Elbit: Court appoints receiver for shares held by Europe-Israel MMS

By Caroline Salls

Pittsburgh, July 24 - Elbit Imaging Ltd. controlling shareholders Europe-Israel MMS Ltd. and Mordechay Zisser notified the company that the Tel Aviv District Court appointed Giroa Erdinast as a receiver for the Elbit ordinary shares held by Europe Israel securing the shareholder's obligations under its loan agreement with Bank Hapoalim BM, according to a news release.

Elbit said the receiver is not authorized to sell the shares at this stage. Following a request of Europe-Israel, the court also delayed any action to be taken in connection with the sale of the shares for 60 days.

According to the release, Europe Israel and Zisser "utterly reject the bank's claims" and intend to appeal the court's ruling.

Tel Aviv-based Elbit Imaging is a holding company with activities in the fields of commercial and entertainment centers, hotels, image-guided treatment, residential real estate and fashion retail.

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