New chairman takes helm as Zim gets US$100 million injection

Time:2009-12-07 Browse:17 Author:RISINGSUN

ISRAEL Corp has appointed a new chief executive, Nir Gilad, a former accountant general and deputy head of Israel`s ministry of finance`s budget division, who becomes the new chairman of its problem child, Zim Integrated Shipping Services.
Mr Gilad, who succeeds the former Zim chairman Idan Ofer, is taking the helm at a critical time. The carrier, which recently had its restructuring plan approved by Israel Corp shareholders, after suffering a third quarter loss of US$208 million, which was $147 million more than its last year`s third quarter loss.
Israel Corp intends to convert $200 million of the remaining cash, "in loans it had extended into rights units". The rest will be paid together or in instalments in exchange of Zim`s shares of a corresponding value.