Zim to reduce workforce by 150

The debt settlement at Zim includes early retirement for 150 employees, 50 of whom have already agreed terms.

The debt settlement at Zim Integrated Shipping Services Ltd. includes early retirement of 150 employees, 50 of whom have already taken it, reducing the company's workforce to 1,000 employees. The company, which has a fleet of 90 ships, will close some foreign agencies and will sign strategic cooperation agreements.

Zim's creditors and management believe that the combination of the debt settlement and future strategic plan will allow the creditors to recover part of the written off debt when the company is floated. There are also new buyers for the company's private bonds, which are currently traded at half their par value, in expectation of obtaining equity in the company in the future.

Published by Globes [online], Israel business news - www.globes-online.com - on January 19, 2014

© Copyright of Globes Publisher Itonut (1983) Ltd. 2014

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