CMA CGM Gets $80 Million Cash Injection

CMA CGM on Feb. 2 received an $80 million cash injection from its banks as it continues negotiations over restructuring its $5.6 billion debt.

The credit is part of a $500 million cash facility the banks agreed to provide CMA CGM as part of the restructuring which involved Jacques Saadé standing down as chief executive of the French ocean carrier he established in 1978.

CMA CGM said negotiations with its bankers are proceeding "normally" and that its operations are continuing to show "strong improvement month after month."

The world's third largest ocean carrier is also negotiating with South Korean shipyards to cancel 15 of 45 ships on order and delay the delivery of a further 15 vessels.

Contact Bruce Barnard at brucebarnard47@hotmail.com.