Elbit selects restructuring adviser

February 14, 1996

Israel-based Elbit has chosen Salomon Brothers of New York Cityas its financial adviser and investment banker to help plan aproposed corporate reorganization. Salomon Brothers will help Elbit managers examine the feasibilityof realigning Elbit and its

Israel-based Elbit has chosen Salomon Brothers of New York Cityas its financial adviser and investment banker to help plan aproposed corporate reorganization.

Salomon Brothers will help Elbit managers examine the feasibilityof realigning Elbit and its subsidiaries into new and independenthealthcare, defense and commercial companies. Elbit's board ofdirectors approved this examination in principle on Dec. 7 (SCAN12/27/95).

The selection of Salomon Brothers as financial adviser is oneof two interim steps toward a final reorganization plan, accordingto Dr. Thomas Spackman, president of Elscint's U.S. subsidiary.The selection of a management consultant to help guide planningis still pending, he said.

In other Elscint news, the company's shareholders have approvedthe sale of Elscint's Elscintec ultrasound subsidiary to Elbit.