It is understood that Zim's management has began negotiating with the workers committee on the laying off of dozens of employees
Rafi Danieli, Zim Integrated Shipping Services Ltd. president and CEO is understood to have met employees last week to update them on recent developments in the company since the Israel Securities Authority rejected a US$100 million capital injection intothe company by its parent company, Israel Corporation, to prevent its financial collapse.
Virtually no one believes that Zim can survive without infusion from its parent company. Zim employs over 6,000 people and is considered by some to be the national symbol of Israeli shipping.
The capital injection was part of a broader plan to pump US$350m into Zim, a victim of the global downturn in the container market. At least one-third of minority voters are required to vote in favour for the $100m to be released.
It is also understood that Zim's management has began negotiating with the workers committee and the Haifa Branch of the General Federation of Labor in Israel on the laying off of dozens of employees.