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Christian Garin News

02 Feb 2011

CMA CGM, YILDIRIM $500M Equity Note, New Board

In accordance with the agreements signed on 25 November 2010 between CMA CGM Group and the Yildirim Group, CMA CGM announced that it has issued $500 million in Redeemable bonds, all of which were subscribed by the Yildirim Group. This investment enables the Group to sustainably strengthen its balance sheet and secure its investment plan, while providing additional funds to support expansion. Following the issuance, CMA CGM Group shareholders met in General Meeting and approved the new governance organization, electing as Directors Jacques R. Saadé, Rodolphe Saadé, Tanya Saadé-Zeenny, Farid T. Salem, Tristan Vieljeux, Denis Ranque and Christian Garin, as well as Robert Yüksel Yildirim, Evren Öztürk and Ercüment Erdem. At its meeting, the Board unanimously appointed Jacques R.

24 Dec 2009

CMA CGM Financial Restructuring

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.