The biggest cargo shipping company in Israel ZIM and the state of Israel have reached an agreement regarding the terms of the Golden Share, allowing ZIM to execute the restructuring agreement.
ZIM said that it was preparing to complete the restructuring agreement according to the planned schedule.
ZIM President & CEO Rafi Danieli said: “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.
According to Danieli, 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.”
Press Release, July 15th, 2014