Israel's Ministry of Finance has appealed a decision to the country's Supreme Court that would have given shareholders in the container carrier Zim more flexibility to sell shares in the company.
Zim is planning a restructuring in which Israel Corp., which today owns 99 percent of Zim, will exchange equity to bondholders to reduce debt.
The Israel government currently has a "golden share" in Zim that gives it the right to approve or veto sales of more than 24 percent of Zim stock.
As part of the restructuring Zim was seeking more flexibility for shareholders.
In a filing with the Tel Aviv stock exchange, Israel Corp. said a district court in Haifa last week agreed to change the terms of the Israel government’s “golden
share” in Zim so that state approval would be required only for transfers of 35 percent or more.
Israel Corp. said it had agreed to the modifications, but a spokesman said the government of Israel had decided to appeal the decision.
A Zim spokesman said the country's Supreme Court was expected to consider the issue next Monday.
Israel Corp. said, in a filing with the Tel Aviv stock exchange, that the completion deadline of the restructuring “arrangement” between Zim, creditors and shareholders was being postponed from July 8 until July 15.