The shipping company Zim surprises today with an encouraging announcement, according to which the results of the third and fourth quarters of 2020 will be significantly better than the results of the second quarter, which was not bad in itself.
Read more in Calcalist:
In the second quarter, ZIM reported a profit of $ 24 million, a level not seen for years in the company, which was attributed to a rapid response to the corona crisis and a drop in fuel prices. The shipping company is managed by Eli Glickman and the main shareholder is Idan Ofer (32%) through Canon.
The announcement means that ZIM may end 2020 with a profit of more than $ 100 million. As revealed in Calcalist, the company is in the process of being issued in New York or London at a value of NIS 2-1 billion.
The earnings report was announced as part of an announcement in which ZIM offers $ 1 million to Series 1 and 2 Series bondholders to purchase $ 60 million of the bonds from them through a dedicated subsidiary.
Zim’s bonds are traded at a junk yield of 50-40 cents to the dollar and the company is offering 60 cents to the dollar for them, which can give those who purchased the bonds during the company’s downturn a little more than 20 ag almost 200% yield. The debt repayment date is 2023 .
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