Zim gets US$50 million safety net

Zim will exercise the safety net if its financial situation worsens, in order to improve its liquidity
27.02.12 / 00:00
Zim gets US$50 million safety net
27.02.12
Zim gets US$50 million safety net
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Zim will exercise the safety net if its financial situation worsens, in order to improve its liquidity
 
Israeli container line Zim Integrated Shipping Services Ltd. received a US$50m payment from its owner Israel Corporation to shore up its balance.
 
The payment described as safety net is half of the US$100 million promised in November 2011 by Ofer Holdings Group, which controls Israel Corp.
 
Zim posted a third quarter loss of US$66.
 
Two private Ofer Holdings' companies, Millennium Investments Ltd. and Elad will inject the other $50 million into Zim.
 
Zim will exercise the safety net if its financial situation worsens, in order to improve its liquidity. The company owes bondholders US$800 million.
 
 

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