Ince & Co advises international ship owners on ZIM’s $3bn restructuring

Ince & Co’s London and Hamburg business and finance teams have worked with global investment banking firm Jefferies in advising a group of major ship owners with vessels on long-term charter to Israeli box line ZIM on its $3bn (£1.7bn) restructuring.

The restructuring was completed on 16 July when Israel Corporation injected $200m to acquire 32 per cent of the equity of the newly restructured company. The restructuring also includes the write-off of $1.4bn of debt, part of which has been converted into 68 per cent of the equity, now owned by former creditors. The State of Israel maintains its ‘golden share’, subject to amendments confirmed by the Supreme Court of Israel and the Haifa District Court.

Ince lawyers who worked on the deal included London-based partners David Baker, Stephen Marais, Richard Britain and Fionna Gavin; senior associates Matthew Stratton, Alison Lescure and James Hickland; solicitor Beatrice Russ;  trainees Theresa Glatter and Marcus Gwyer; and Hamburg-based partner Jan Hungar and associate Daniel Smith.