Zim, State of Israel Reached Agreement on 'Golden Share'

Zim, State of Israel Reached Agreement on 'Golden Share'

The agreements, under the supervision of Haifa District Court, allows ZIM to execute the restructuring agreement
20.07.14 / 11:48
Zim, State of Israel Reached Agreement on 'Golden Share'
20.07.14
Zim, State of Israel Reached Agreement on 'Golden Share'

ZIM and the state of Israel have reached an agreement regarding the terms of the Golden Share, allowing ZIM to execute the restructuring agreement.

 

Under the settlement, the ruling of the Haifa District Court will be set aside, and it will be stipulated that if Israel Corporation seeks to sell 24-35% of the company and the state objects, then the sides will return to the court to resolve the dispute. ZIM is preparing to complete the restructuring agreement according to the planned schedule

 

ZIM President & CEO Rafi Danieli: “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.

 

"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. We thank our customers around the world, which supported us during this difficult period and had confidence in the company’s ability to recover. ZIM will upgrade and restructure its lines and services to cater for the dynamically changing needs of the customers.”

 

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