ZIM Integrated Shipping Services is set to receive a $350m cash injection from parent company Israel Corp as part of a recovery plan for the liner company.
ZIM Integrated Shipping Services is set to receive a $350m cash injection from parent company Israel Corp as part of a recovery plan for the liner company.
The cash boost, which has still to be approved by Israel Corp shareholders, comes after Zim received loans totalling $150m from its parent company.
Details of the latest financial lifeline were given in a regulatory filing by Israel Corp to the Tel Aviv Stock Exchange on Sunday.
Israel Corp, which owns about 99% of Zim, said the shipping line has a cash deficit of about $1bn.
Zim plunged deeper into the red after it reported a net loss of $119m in the first quarter of this year, compared with a $29m net loss in the same period last year.
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