www.bethelfinance.com
Elbit Imaging Ltd. (Nasdaq: EMITF; TASE: EMIT) chairman and controlling shareholder Mordechay Zisser paid Bank Hapoalim (TASE: POLI) just NIS 10 million on the NIS 80 million it was due to pay, and which was already in arrears. He has thus once again failed to keep his promise to pay.
Zisser's private company, Beapart NV, which controls Elbit Imaging through Europe Israel (MMS) Ltd., was due to make the payment on October 30. Last week, "Globes" quoted aides of Zisser who claimed that he had found a "serious party", which will give him NIS 80 million in interim financing, which he will be able to use to repay his debt. They said that Zisser wanted a new agreement with the bank on the general terms of his debt.
Zisser owes Bank Hapoalim NIS 1 billion, half of which the bank has already written off, after Zisser consistently missed payments on the debt for two years.
Last week, a top banker told "Globes", "I'm not surprised. That's how Zisser operates: promise, postpone, and gain time."
Elbit Imaging's share price fell 0.5% on Nasdaq yesterday to $3.80, giving a market cap of $94 million, and fell 6.4% by mid-afternoon on the TASE today to NIS 13.22, as it slides for the third straight day. The company's bonds are now traded at junk bond status, with a yield of 33%.
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