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Elbit Imaging suspends bond interest payments

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midastouch017   Tuesday, 02/19/13 09:23:16 AM
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Elbit Imaging suspends bond interest payments

Earlier this month, the company suspended payments on the bonds' principal.
19 February 13 11:08, Globes' correspondent

The day before a bond interest payment, Elbit Imaging Ltd. (Nasdaq: EMITF; TASE: EMIT) today announced that it was suspending interest payments on all bonds. Earlier this month, the company suspended payments on the bonds' principal, as part debt settlement process.
In a notice to the TASE, Elbit Imaging said, "Its board of directors had decided, after assessment of the company's current situation, taking into account the needs of the company, the complexity of the negotiation process in reaching an agreement with all the relevant parties about a possible restructuring, and the divergent positions of various parties in respect to the payment of interest to the note holders, to currently suspend also the interest payments to all note holders, and to re-assess the situation as it develops from time to time."
Elbit Imaging's bond debt totals NIS 2.2 billion. The bonds are traded at prices reflecting yields of up to 300%. On Thursday, the holders of the company Series A and B short-term bonds will meet to discuss measures to protect their rights. Tomorrow, the bondholders were due to receive an interest payment, without the principal payment, but they will not receive the interest payment either.
Published by Globes [online], Israel business news - www.globes-online.com - on February 19, 2013

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