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CMA CGM restructuring complete

[ February 13, 2013   //   ]

Shipping line CMA CGM has finalised its financial restructuring launched about a year ago, including an agreement with its banks on its debt restructuring. The French Fonds Stratégique d’Investissement will subscribe to bonds giving right to a 6% stake in CMA CGM upon conversion, while the Turkish Yildirim Group will have bonds equivalent to a 4% stake in the line. The sale of 49% of the Terminal Link subsidary to China Merchants Holdings International for €400m also injects more equity and will result in a significantly more resilient and flexible financial structure, says the line.

Rodolphe Saadé, CMA CGM’s executive officer, said: “The finalization of the debt restructuring combined with new equity injection from FSI and Yildirim Group and the sale of 49% of Terminal Link will allow CMA CGM to operate with the required financial flexibility and constitutes key milestones before contemplating an IPO.”

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