Elbit: stock exchange approves restructuring, fulfills plan conditions

By Caroline Salls

Pittsburgh, Feb. 18 - Elbit Imaging Ltd. said the Tel Aviv Stock Exchange approved its restructuring and the listing of 509.71 million ordinary shares with no par value, NIS 448 million par value series H notes and NIS 218 million par value series I notes.

According to a company news release, the approval represents fulfillment of restructuring plan conditions.

Elbit said the restructuring will close on Thursday, and the record date for the restructuring will also be Feb. 20.

Feb. 17 was the last trade date for the company's series A to series G notes and series 1 notes.

In the framework of the restructuring, all of the series A to G and series 1 notes, as well as the notes representing the unpaid portion of the principal in the series A and series B notes, will be canceled and delisted.

The cancellation and delisting includes the interest payments due Feb. 20, 2013 on the series A and series B notes, interest due March 1, 2013 on the series C notes and interest due April 1, 2013 on the series F notes.

Issued shares and new notes are expected to be distributed to unsecured financial creditors on Friday.

Notes held by Elbit's subsidiary will be cancelled with no consideration given.

In addition, the company said the record date for the first payment of interest on its series H notes will be Feb. 23, and the first interest payment will be made on March 9.

In accordance with a court ruling, the company will allot Bank Hapoalim Ltd. 16.59 million ordinary shares with no par value on the closing date.

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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