Elbit Imaging Ltd. (EMITF: Quote), an Israel-based holding company engaged in the real estate development & operations, announced Monday that it has entered into a definitive agreement with Israel-based financial group Bank Hapoalim B.M. (BKHYY.PK) on the basis of the general terms of agreement that were approved by the company's unsecured financial creditors.
The agreement follows the receipt of the requisite approval from its unsecured financial creditors.
Consequently, the condition precedent included in the adjusted plan of arrangement, pursuant to which an understanding will have been reached between the Company and the Bank, was fulfilled, the company noted.
The closing of the definitive deal is subject to certain other conditions precedent, including the approval of the arrangement by the Tel-Aviv Jaffa District Court, the closing of the arrangement and such other customary conditions precedent.
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by RTT Staff Writer
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