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Court orders Plaza Centers to pay €2M to Klépierre


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Court orders Plaza Centers to pay €2M to Klépierre

A court ruling ordered Plaza Centers NV to pay approximately €2 million,including costs arising from the legal process, to .

Elbit Imaging Ltd. said in a release that the InternationalCourt of Arbitration ruled that its unit is liable for an indemnificationclaim, relating to a transaction between Plaza Centers and Klépierre in 2004.

Plaza Centers' books will contain a provision for theamount. Elbit said the payment of the principal amount is deferred to July2018, since Klépierre is considered a creditor under Plaza Centers' ongoingrestructuringplan.

In the meantime, Plaza Centers will continue to explorelegal options available to it for minimizing the indemnification's basis. Elbitserves as a guarantor of Plaza Centers under the latter's original transactiondeal with Klépierre executed in 2004.