'Creditors won't accept ZIM's $1.5bn haircut'

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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 ...