Zim restructuring approved

Zim restructuring approved    Zim Integrated Shipping Services said its restructuring plan was approved Tuesday at a shareholder meeting of parent company Israel Corp.
   Zim will receive a capital injection of $450 million from its parent company. Shareholders also approved a $100 million “safety net” that the company said would “ensure sufficient liquidity for Zim should circumstances require.'
   Israel Corp.’s capital injection will be converted to equity, which the company said would create stronger capital structure for Zim. Israel Corp. owns 99 percent of Zim.
   In addition to the funds from its parent, the company will receive $500 million of new financing from three banking syndicates to finance the acquisition of new ships.

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   “With these arrangements in place, Zim is now fully prepared to trade its way out of the global economic downturn and back to profitability and growth, said Rafi Danieli, Zim’s chief executive officer.