Idan Ofer-controlled Israel Corp said it backed a Haifa court decision that alters the terms of the government’s “golden” blocking share in the company, allowing transfers of up to 35% of its stock, from 24% previously.
Zim will now be able to press ahead with a $1.4bn debt-for-equity swap as part of its $3bn financial restructuring.
Lenders will take over some of Israel Corp’s near 100% holding, cutting its slice to 32%.
The
