Israel Corp. to ZimÆs rescue again
The parent company of liner carrier Zim said it plans to inject $350 million into the troubled carrier this year, Israeli news outlets reported.
Israel Corp. laid out details of the cash infusion in a note to the Tel Aviv stock exchange, and added it expects losses of $1 billion. IT lost $332 million in 2008 and $119 million in the first quarter of 2009.
Israel Corp.'s proposed recovery plan for its shipping unit includes layoffs and a reduction in lease payments for its ships in exchange for convertible bonds, reports said.