A red warning light has signalled trouble at ZIM since the start of the year, when analysts at Standard & Poor’s indicated that its shareholders were unlikely to offer much more in the way of bailouts. Now the word is that ZIM is considering suggesting a $1.5bn write-off to creditors. The banks have apparently already accepted the writ-off in principle, but bondholders oppose the deal. Alongside the financial shenanigans, this article also notes the workers’ response to ZIM’s decision to move its transhipment operations from Haifa to a Greek port – “a death sentence” for Haifa.
By Alex Lennane