ZIM: Agreement with the Israel state regarding the “Golden Share”
Agreement with the state of Israel allows shipping line ZIM to complete its restructuring according to the planned schedule
ZIM and the state of Israel have reached an agreement regarding the terms of the “Golden Share”, allowing ZIM to execute the restructuring agreement. The shipping line is preparing to complete the restructuring agreement according to the planned schedule.
ZIM President & CEO Rafi Danieli: “The long-expected completion of the debt restructuring, following 18 months of negotiations with creditors around the world, who put their trust in the company, will enable ZIM to embark on a new path, with a strong balance sheet and with a debt structure which is in line with the company’s capabilities. We want to thank the creditors and the Israel Corporation for their trust and support.”
ZIM will be able from now on to face the many challenges of the global shipping market, focus on profitable trades, adjust lines accordingly and continue with the efficiency and savings programs, as well as achieving the targets of the company’s business plan.
The “Golden Share” guarantees that the state’s interests are preserved. It also ensures that ZIM – originally a government company that was sold to conglomerate Israel Corp – will continue to operate ships in and out of Israel during times of emergency.
Under the deal, Israel Corp’s near 100-percent stake in ZIM will fall to 32 percent, after a USD 1.4 billion debt-to-equity conversion agreement with creditors, while Israel Corp agreed to invest an additional USD 200 million, provide a liquidity line of USD 50 million and forgo USD 225 in loans.
ZIM Integrated Shipping Ltd was established in 1945, and has developed into one of the largest, leading carriers in the global container shipping industry. ZIM’s fleet comprises 89 modern vessels, including mega-vessels of 8,000 and 10,000 TEUs, with a total carrying capacity of over 363,474 TEUs. The shipping line operates over 558,000 TEUs of various types.
www.zim.com
Quelle: LogEastics
Portal: www.logistik-express.com
