News / Zim owner loses control of shipping line as its 'eye-watering' debt is restructured

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The owner of Israeli shipping line Zim has slashed its shareholding in the carrier after restructuring its enormous debt load, with a majority stake in the company handed over to its creditors.

Israel Corporation will be left with a 32% stake, with creditors holding the remaining 68%. They will then be able to appoint a new board and prepare the company for a separate listing on the Israeli stock exchange.

Israel Corp said that the carrier’s eye-watering US1.81bn debt would be split ...