Zim bondholders give co till year end to reach settlement

During this period, the bondholders will not demand immediate repayment of the $376 million bond.

Sources inform ''Globes'' that, at a meeting on Sunday, the bondholders of Israel Corporation (TASE: ILCO) subsidiary Zim Integrated Shipping Services Ltd. agreed to give the company's management "industrial quiet" until the end of 2013, with the possibility of extending it through March 2014, in order to reach a debt settlement. During this period, the bondholders will not demand immediate repayment of the bond.

Zim's debts total $3 billion, and it is in talks with the banks and bondholders on its second debt settlement in four years. Most of the debt, $1.8 billion, is partly secured debt to the banks; and $775 million is unsecured debt, including $376 million owed to the bondholders.

Published by Globes [online], Israel business news - www.globes-online.com - on August 26, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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