As of Wednesday afternoon Zim Integrated Shipping Services is reportedly within hours of a debt settlement that included writing off half of the 3 billion shekels ($860 million) it owes to three major creditors: banks, bondholders and shipyards, and ship lessors.
Under the the deal, Zim's sole owner, The Israel Corporation, will give up its shares in the company and inject $200 million into it, in exchange for a 30% stake in the restructured company.
The debt restructuring talks began following a going concern warning in Zim’s financial statement for the third quarter of 2013.
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