Cairo: The Israel Corporation, the holding company controlled by Idan Ofer, is set to lose control of Zim Integrated Shipping Services under the terms of a bailout agreement for the shipping company being negotiated with Zim’s creditors.
The settlement reportedly includes a 50% write-off on the debt.
As part of the settlement, Israel Corporation will forego debt and inject an additional $200m in Zim, in exchange for keeping 33% of the company. Zim's creditors will receive 66% of its shares. Zim will issue a new bond which will supersede current bonds. [17/01/14]