According to local media outlets the Israeli carrier’s parent has agreed to surrender its shares and buy back a 33% stake in the restructured company in exchange for a $200m injection.
Creditors are poised to seize control of the remaining 66% after rubber stamping a 50% write-off that news agencies are billing as the largest in Israel’s history.
At last check Zim’s $3bn debt load included $775m in unsecured debt, $1.8bn
