Freight News, Sea

Zim restructures

[ May 19, 2014   //   ]

Israel-owned shipping line Zim said on 19 may that it had completed a $3m financial restructuring plan, including a $1.4bn debt equity conversion with creditors following a protracted and complex series of negotiations. The refinanced business will be strongly positioned for successful growth, said CEO Rafi Danieli. The agreements are subject to creditor and shareholder approvals including a vote of at a General Assembly [Extraordinary General Meeting] of the Israel Corporation. Zim also reached agreement with the Israel Ministry of Defense over a revised “Golden Share”. To ensure that national strategic interests are fully safeguarded.