Zim owners lay out restructure plan
Israel Corp., the parent of the Israeli shipping line Zim, has laid out its restructuring plans to surface from a crippling lack of cash caused by low ocean freight rates and a sizable fleet expansion plan.
In a note to the Israeli stock exchange, Zim parent said it would seek to extend loan periods from its creditors, and most notably, given ship owners from which it charters a stake in the company starting from 2016.
Hanjin announces restructuring
Hanjin Shipping announced a restructuring plan Wednesday it said would help it “cope with the rapidly changing business environment and secure its future-oriented corporate structure for sustainable growth.”
The company said its board of directors voted to separate the company into holding company Hanjin Shipping Holdings Co. Ltd. and an operating company, Hanjin Shipping Co. Ltd.