Cairo: Zim’s chief executive, Rafi Danieli, is likely to step down once the long restructuring process of the Israeli containerline is complete, Reuters reports citing a source at parent company, Israel Corp.
Zim is near to completing a $3bn restructuring following a number of years of posting significant debts. The greatest hurdle in the financial deal now lies with the Israeli government’s golden share in the line, which Israel Corp is looking to reduce.
It is now up to a district court judge in Haifa to decide on the matter after the government and Israel Corp could not reach a compromise. [02/07/14]