Creditors take control of sinking Zim

The Ofer family stands to lose control of sinking Israeli container carrier Zim as part of a debt agreement that is widely considered the most comprehensive debt restructuring ever for an Israeli company.

Photo: ZIM

Creditors are about to take over the reins at Israeli container carrier Zim as part of a comprehensive restructuring of the indebted company. According to several media reports the agreement means that Israel Corporation, a holding company for Ida Ofer, is set to lose control of Zim Integrated Shipping Services, the 18th largest container carrier in the world.

Zim's total debt amounts to USD three billion.

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