In a notice to the Tel Aviv Stock Exchange (TASE) today, Israel Corporation (TASE: ILCO), controlled by Idan Ofer, announced that it will participate in the negotiations for a debt settlement in subsidiary Zim Integrated Shipping Services Ltd.. Israel Corp. said that its participation was at Zim's request.
In the past few weeks, Israel Corp. has told Zim's creditors - banks, bondholders, and shipyards - that it was willing to inject hundreds of millions of shekels into the company. Zim owes over $3 billion, of which $775 million is unsecured debt, including $376 million to bondholders, $1.8 billion is partly secured debt, mostly to foreign banks, and $390 million is fully secured debt to shipyards.
Zim has been holding debt settlement talks with its creditors at a Barcelona hotel.
Published by Globes [online], Israel business news - www.globes-online.com - on November 18, 2013
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