Israel Corp. directors allocated $50 million as a financial reserve for Zim Integrated Shipping Services, which last week posted a $397 million loss for 2011, Journal of Commerce reports. The money is the second part of a $100 million aid package pledged last year by Israel Corp., which owns 99 percent of the carrier’s equity. The money will be used to bolster Zim’s operations and liquidity and ensure compliance with financial covenants.
Zim is the world’s 16th-largest container ship line. The company received a $450 million capital injection, led by Israel Corp., to avoid bankruptcy in 2009.
Zim is the world’s 16th-largest container ship line. The company received a $450 million capital injection, led by Israel Corp., to avoid bankruptcy in 2009.