CMA CGM Financial Restructuring

Thursday, December 24, 2009

CMA CGM announced that an agreement was reached with its financial partners leading to the allowance of a 500 million dollar credit line, payable to the Group in January 2010. 
 
This important step will enable the Group to pursue the current talks regarding its debt restructuring and a capital increase planned for the 2nd half of 2010 with the arrival of new investors.
 
In addition, the agreement with the financial partners is expected to facilitate ongoing discussions with the Korean shipyards concerning the cancellation or the postponement of ships on order.
 
At the same time, the Group has called an Extraordinary Shareholders Meeting on December 23rd 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. 
 
Following the approval of the reinforced organization, Jacques Saadé will propose to the Board the appointment of Philippe Soulié as Chief Executive Officer. Furthermore, Farid Salem, Rodolphe Saadé and Jean-Yves Schapiro should be appointed as Chief Operating Officers.

Maritime Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Former CIA Spy Ship Becomes Victim of Oil Slump

A ship built by the CIA for a secret Cold War mission in 1974 to raise a sunken Soviet sub is heading to the scrap yard, a victim of the slide in oil prices.   Christened the Hughes Glomar Explorer,

Greece Wants EU Funding to Tackle Migrant Influx

Greece will ask the European Union for about 700 million euros to build infrastructure to shelter the hundreds of refugees and migrants arriving on its shores daily, the government said on Thursday.

Asia-Europe Box Rates Soar Again

Shipping freight rates for transporting containers from ports in Asia to Northern Europe jumped 29 percent to $763 per 20-foot container (TEU) this week data from

 
 
Maritime Contracts Navigation Offshore Oil Pod Propulsion Port Authority Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.4511 sec (2 req/sec)