Middle East

Israel Corp hands control of ZIM to creditors

Cairo: Israel Corp is handing control of containerline ZIM Intergrated Shipping Services to creditors as per a new debt agreement. Israel Corp will pump $200m into ZIM and hand creditors a 68% stake in the line. ZIM’s debts have ballooned to somewhere in the region of $2bn.

“This is a long-term agreement that will grant the company the financial stability to withstand many challenges and changing market conditions,” Rafi Danieli, Zim’s chief executive, said in a statement.

Top management have hinted ZIM would be interested in a tie up with another line.  [24/01/14]

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