Friday , 24 January 2020
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French shipping line CMA CGM has reached an agreement with its financial partners to provide a US$500m credit line, payable in January 2010, enabling the Group to pursue the current talks regarding its debt restructuring and a capital increase planned for the second-half of 2010 with the arrival of new investors.

CMA CGM given US$500m credit line

In addition, the agreement is expected to facilitate ongoing discussions with the Korean shipyards concerning the cancellation or the postponement of ships on order.

The Group has called an extraordinary shareholders meeting for this Wednesday (23 December) to approve changes in the company’s legal structure, with the creation of a Board of Directors chaired by Jacques Saadé. This Board would include Pierre Bellon and Tristan Vieljeux, as well as new independent members Denis Ranque and Christian Garin.

It is proposed that following this approval, Saadé will propose the appointment of Philippe Soulié as chief executive officer, with Farid Salem, Rodolphe Saadé and Jean-Yves Schapiro being appointed chief operating officers.

“Our financial partners are sending a strong message and affirming their confidence in the Group. Our strategy to return to profitable growth is therefore proven to be valid. With the arrival of Philippe Soulié as CEO and experienced and independent board mebers, the Group now has the resources as well as a strong team in place to build on this new dynamic”, said Chairman Jacques Saadé.