The postponement is because of the pending debt settlement at Zim, which has not yet obtained shareholder approval.
Israel Corporation (TASE: ILCO), controlled by Idan Ofer, has postponed the publication of its financial report for the third quarter of 2013 by two days to Thursday. Bank Leumi (TASE: LUMI), which owns 18% of Israel Corp. has therefore also postponed the publication of its financial report to Thursday.
Israel Corp. was due to publish its financial report today, and Bank Leumi was due to publish its report on Wednesday.
Israel Corp. postponed the publication of its financial report because of the debt settlement being drawn up at subsidiary Zim Integrated Shipping Services Ltd., which has not yet obtained shareholder approval. Zim is in a financial crisis from which it has been unable to recover from since 2008, because of the ongoing slump in global shipping. The company has debt totaling $3 billion, of which $775 million is unsecured debt, including $376 million owed to Israeli bondholders; $1.8 billion is partly secured debt, mostly owed to foreign lender banks; and $390 million is secured debt, mostly owed to shipyards. Israel Corp., run by CEO Nir Gilad, owns 100% of Zim.
Published by Globes [online], Israel business news - www.globes-online.com - on November 26, 2013
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