Bank Leumi gave the Elbit Imaging controlling shareholder a mortgage on his house on an 8,000-square meter lot near Petah Tikva.
Bank Leumi (TASE: LUMI) is foreclosing the home of Mordechay Zisser, the controlling shareholder of Elbit Imaging Ltd. (Nasdaq: EMITF; TASE: EMIT), which is seeking a settlement on its NIS 2.5 billion debt.
On Monday, the Official Receiver notified the court that 82% of Elbit Imaging's bondholders voted in favor of the company's proposed settlement.
Zisser owes Bank Leumi NIS 47 million. Elbit Imaging classifies Zisser as an unsecured creditor, and the bank believes that the company "misclassified him as an unsecured creditor on baseless grounds." The bank claims that Zisser is a secured creditor because of the liens and guarantees in his possession, and that the settlement does not apply to him.
Bank Leumi gave Zisser a mortgage on his house in Kfar Ganim near Petah Tikva on an 8,000-square meter lot with a 30-meter swimming pool and home cinema.
Published by Globes [online], Israel business news - www.globes-online.com - on August 13, 2013
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