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Israel Corp injects $50m into Zim

14 Feb, 2012 12:35
שלח תגובה במיילMoshe Golan

The injection is half of the $100 million safety net for the company promised by Ofer Holdings in November 2011.

Israel Corporation (TASE: ILCO) has injected $50 million into subsidiary Zim Integrated Shipping Services Ltd., half of the $100 million safety net for the company promised in November 2011 by Ofer Holdings Group, which controls Israel Corp. 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 is again in trouble, two years after reaching a $3 billion debt settlement with its creditors, mostly foreign banks. The company owes bondholders $800 million.

Published by Globes [online], Israel business news - www.globes-online.com - on February 14, 2012

© Copyright of Globes Publisher Itonut (1983) Ltd. 2012

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