Zim: US$50 million injection approved

The money will be used to bolster Zim’s operations and liquidity and ensure compliance with financial covenants
 
Israel Corp., Zim's parent company, have approved the second of a total US$100 million payment
 
Directors of Zim’s parent company, Israel Corp., which owns 99 percent of its equity, allocated US$50 million as a financial reserve for Zim Integrated Shipping Services Ltd.
 
The transfer is the second allocated by the Israel Corp, which has already pledged a US$50 million to Zim.
 
In a press release, Israel Corp. noted that the money will be used to bolster Zim’s operations and liquidity and ensure compliance with financial covenants.
 
The company received a $450 million capital injection, led by Israel Corp., to avoid bankruptcy in 2009.
 
Zim is the world’s 16th-largest container ship line, posted two weeks ago a US$397 million loss for 2011.