Elbit Imaging Announces Court Approval Of Arrangement

(RTTNews) - Elbit Imaging Ltd. (EMITF) announced, further to the company's announcements on September 18, 2013 and on December 30, 2013 with respect to the adjusted plan of arrangement submitted to the Tel-Aviv Jaffa District Court, that the Court, in a ruling issued today, approved the Arrangement. The consummation of the Arrangement is subject to customary conditions.

The court requested that the Company provide it with an update on the status thereof by February 4, 2014.

The company said it plans to diligently pursue the consummation of the Arrangement as set forth in the Court ruling.

As to the dispute between the company and Bank Leumi Le Israel B.M. regarding the validity of certain pledges registered in its favor, the Court noted that it should be resolved separately and the status of Bank Leumi and the application of the Arrangement thereto, shall be determined according to the outcome of such proceedings.