CMA CGM to be bailed out by French investment group
CMA CGM is due to meet repayments of a US$5.6 billion debt this month and had asked creditors for a moratorium. CMA CGM also plans to defer or cancel delivery of up to 60 new ships while selling off or otherwise disposing of older tonnage. The company is also looking to sell off various minority holdings in order to raise cash.
A statement from the French investment group said that CMA CGM fitted in with France’s Strategic Investment Fund mission, which was established by the French state to meet the capital requirements of companies that bring growth and competitiveness to the economy.
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