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Elbit Imaging and Bank Leumi settle disputes related to company debt
By Caroline Salls
Pittsburgh, July 1 – Elbit Imaging Ltd. and Bank Leumi Le Israel BM reached an agreement on the terms of a proposed settlement of the parties’ disputes related to the company’s debt to Bank Leumi, according to a news release.
Under the settlement, Bank Leumi would receive ownership of all marketable securities held in the company’s accounts at Bank Leumi and would offset the fair value of such securities, which is NIS 8.7 million based on their quoted market price, against Elbit’s debt.
In addition, the ordinary shares and notes deposited in trust for the benefit of Bank Leumi under Elbit’s debt restructuring would be transferred to Bank Leumi after deduction of ordinary shares and notes equal in value to the offset amount.
According to the release, the settlement would resolve all of the company’s obligations to Bank Leumi under its debt restructuring and a loan agreement entered between the parties on May 5, 2011.
In addition, Bank Leumi would release any lien registered for its benefit on Elbit’s assets.
The company said the balance of the ordinary shares and notes retained in trust would be canceled.
The settlement is subject to the approval of the Tel-Aviv District Court.
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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