The Israeli state is set to loose control of container carrier ZIM who says it has finalised a $3 billion financial restructuring plan with creditors that includes a $1.4 billion debt-to-shares swap.

The deal, which is still subject to a range of approvals, includes a promise from state holding company Israel Corp. (IC) to invest $200 million of new equity in the company, provide a liquidity line of $50 million, and forgo $225 million in loans provided between 2008 and 2012, as well as an agreement by related companies to provide $180 million in support through various methods.

Altogether, support from IC and related parties in recent years will total $1.4 billion, and the restructuring will involve IC reducing its stake in the company from 100 percent to 32 percent.

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