Holding company Israel Corp has given US$50 million in cash to its wholly owned subsidiary Zim Integrated Shipping Services, reported Dow Jones Newswires.
The payment was part of $100 million that Israel Corp promised last year to troubled Zim, which has been losing money since 2009 due to lower cargo rates and economic uncertainty.
Zim, which provides global container shipping services, owes $800 million to its bondholders, after having reached a bond settlement worth $3 billion in 2010.
Israel Corp, a holding company with interests mainly in energy and shipping, owns 99 percent of Zim.
The payment was part of $100 million that Israel Corp promised last year to troubled Zim, which has been losing money since 2009 due to lower cargo rates and economic uncertainty.
Zim, which provides global container shipping services, owes $800 million to its bondholders, after having reached a bond settlement worth $3 billion in 2010.
Israel Corp, a holding company with interests mainly in energy and shipping, owns 99 percent of Zim.