General Electric Capital Corp. sued Zim Integrated Shipping Services for $23.4 million in Florida on Thursday, claiming the Israeli company had breached its contract with GE and had violated implied covenants of good faith and fair dealing. The case arose from deals struck between the two sides between 2001 and 2005, to lease containers to Zim for seven to ten years.
GE claims Zim has not paid the agreed-upon leasing fees.
A Zim spokesman stated, "The dispute between GE and Zim has been resolved and the parties are in the final stages of coming to a settlement."
Zim has been attempting to get out of contracts in an effort to ease its corporate obligations. The company, which is part of the Israel Corporation group, is in difficult financial straits due to a decline in marine shipping volume and the credit crisis.
GE claims Zim has not paid the agreed-upon leasing fees.
A Zim spokesman stated, "The dispute between GE and Zim has been resolved and the parties are in the final stages of coming to a settlement."
Zim has been attempting to get out of contracts in an effort to ease its corporate obligations. The company, which is part of the Israel Corporation group, is in difficult financial straits due to a decline in marine shipping volume and the credit crisis.