Israeli gov't appeals court ruling on Zim in feud over debt deal

Posted by Joseph Keefe
Monday, July 07, 2014

Israel's Finance Ministry said on Monday it appealed a court ruling that chipped away at its golden share in the country's biggest shipping company Zim, a move that could further delay a $3 billion debt restructuring plan.

An Israeli court ruled last week the government could keep its golden share, which gives it veto power over some major decisions, while raising the amount of stock shareholders are allowed to sell without government approval.

Conglomerate Israel Corp, which has just under 100 percent of the equity in Zim, had said the court's decision would allow it to carry out the proposed restructuring on July 15.

But the Finance Ministry said it had appealed the ruling with the country's Supreme Court, asking for an order to postpone the restructuring. A ministry spokesman said it was unclear when the Supreme Court would discuss the case.

The ruling last week had called for Zim, which like other shipping companies has been hit hard by a faltering global economy in recent years, to seek authorisation for shareholders to sell 35 percent or more of its stock, rather than a previous 24 percent.

But it said the company must notify the government before shareholders could sell between 24 and 35 percent of the shares and give the state 21 days to state any objections.

Israel Corp said that under the restructuring its stake in Zim will fall to 32 percent after a $1.4 billion debt-to-equity conversion agreement with creditors.


Reporting by Ari Rabinovitch

Maritime Reporter June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

BMT Awarded Port Geographe Coastal Engineering Contract

BMT JFA Consultants (BMT), a subsidiary of BMT Group,  has been awarded a contract by the Western Australian Department of Transport (DoT) to provide services as

PPG Debuts New Antifoulings

Low-friction, self-lubricating coatings use patented technology to deliver reduced fuel consumption and improved tolerance to idle time.   PPG Protective and

KPA: Striking Mombasa Port Workers Must Return by Friday

The Kenya Ports Authority said on Thursday striking workers at the Mombasa port should resume work by Friday morning or lose their jobs, and that normal activities

Finance

Container Equipment Costs at Record Low

Low material costs and stable demand has driven the price of new container equipment down to record lows where it is forecast to stay, according to the latest edition

KPA: Striking Mombasa Port Workers Must Return by Friday

The Kenya Ports Authority said on Thursday striking workers at the Mombasa port should resume work by Friday morning or lose their jobs, and that normal activities

Qatar Navigation Absorbs Balance of SocGen Gasships

Qatar Navigation (Milaha) said on Thursday its unit Qatar Shipping Company had acquired the remaining 60 percent interest in two firms which own Liquefied Natural

Container Ships

Container Equipment Costs at Record Low

Low material costs and stable demand has driven the price of new container equipment down to record lows where it is forecast to stay, according to the latest edition

KPA: Striking Mombasa Port Workers Must Return by Friday

The Kenya Ports Authority said on Thursday striking workers at the Mombasa port should resume work by Friday morning or lose their jobs, and that normal activities

Bahri Goes to Hyundai Samho for Five More VLCCs

Immediately after signing contract with signed with Hyundai Samho Heavy Industries to build five VLCCs, with an option to build additional five VLCCs, the National

News

SAFE Boats Bags Homeland Security Order

Production of Customs and Border Protection’s coastal interceptor vessels to commence immediately   SAFE Boats International informs it has been awarded a contract from U.

Container Equipment Costs at Record Low

Low material costs and stable demand has driven the price of new container equipment down to record lows where it is forecast to stay, according to the latest edition

Ardmore Shipping Takes Tanker Delivery

Ardmore Shipping Corporation took delivery of the newbuild product and chemical tanker vessel Ardmore Seafox on June 25, 2015, the company announced today. The 49,

People in the News

MOL Renames Group Ship Management Co.

Mitsui O.S.K. Lines, Ltd. announced today that effective July 2, its wholly-owned ship management company for dry bulkers, New Asian Shipping Company, Limited

TORM's Restructuring Agreement Becomes Effective

As previously reported, TORM has obtained the creditor consents necessary to implement its Restructuring through an English law Scheme of Arrangement (cf. announcement no.

WISTA Seminar on Dry Bulk Receives Wide Response

A Shipping Seminar on "Dry Bulk Chartering, Operations and Arbitration”  held on 27th June 2015 at the Narottam Morarjee Institute of Shipping, Nariman Point, Mumbai was well attended.

Government Update

Terrorists Will Exploit EU Migrant Crisis, ESC Warns

ESC Global Security has called for the Mediterranean to be classed a maritime High Risk Area in the wake of the terrorist atrocities in Tunisia and Europe’s escalating migration crisis.

KPA: Striking Mombasa Port Workers Must Return by Friday

The Kenya Ports Authority said on Thursday striking workers at the Mombasa port should resume work by Friday morning or lose their jobs, and that normal activities

Philippine Ferry Sinks, 36 Dead

A ferry carrying 189 passengers and crew capsized off the central Philippines in heavy waves on Thursday, killing at least 36 people but the majority of those on board were rescued,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Pipelines Port Authority Salvage Ship Electronics Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1824 sec (5 req/sec)