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ZIM restructuring plan agreed

The $3bn restructuring plan including a $1.4bn debt equity conversion with creditors following a protracted and complex series of negotiations
25.05.14 / 10:17
ZIM restructuring plan agreed
ZIM restructuring plan agreed

ZIM announces that it is has finalized the terms of its financial restructuring arrangements, a $3bn restructuring plan including a $1.4bn debt equity conversion with creditors following a protracted and complex series of negotiations.


Following the agreement, the refinanced business will be strongly positioned for successful growth.


The company has also reached an agreement with the Israel Ministry of Defense regarding a revised “Golden Share”.


Changes in the terms of the “Golden share” held by the State of Israel, once concluded, will ensure that national strategic interests are fully safeguarded, while eliminating provisions that stand in the way of implementation of the restructuring agreement.


Israel Corporation has agreed to invest additional $200m in new equity, provide the company with a liquidity line of $50m, and forgo $225m of loans that were part of a $1bn support from 2008-2012. In addition, related companies agreed to support the company by $180m, by amending charter contracts and forbearing loans. The total support of IC and related parties in the last years will amount $1.4bn.


Following the restructuring, Israel Corporation will see its stake reduced from 100% to 32%, subject to relevant creditor and shareholder approvals including a vote at a General Assembly [Extraordinary General Meeting] of the Israel Corporation.


The new structure, which involves a substantial reduction in indebtedness through the write off of some $1.4bn of debt and the injection of new equity, will enable ZIM to compete successfully in the global shipping market.


The estimated equity valuation of 'New ZIM' is $600-800m. The Agreements, which are still subject to shareholder, credit committees and regulatory approvals, will enable ZIM to explore opportunities for strategic partnerships and joint ventures with a view to raising additional capital to fund fleet renewal, IT systems upgrade and further business development.


Chief executive Officer Rafi Danieli said: "We are delighted to have reached these agreements after many months of hard work. We are grateful to IC for all of its support and additional investment and to all our creditors for their efforts to get us to this point and for the support they have given to the management team and the business plan. We are confident that the 'New ZIM' with its strong balance sheet is well placed to open a new exciting chapter in its development."