Israeli government glad it jumped ship from Zim

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There has been no official release to the international press by Zim, or its parent company Israel Corporation, but it appears from this article that negotiation with creditors – banks, shipyards and bondholders – have been completed, with the result that some $1.5bn in debts is to be collectively wiped off. Ouch. Israel Corporation, owned by the Ofer family, will have to inject another $200m in the struggling carrier and see its stake reduced to 33%. The one winner is the state of Israel, which sold its stake in 2004 in a then heavily criticised move. It now appears to have been remarkably prescient.