CMA CGM announces 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.
Thanks to its reinforced governance, the Group will benefit from greater involvement of its directors as well as the experience of the new Board members.
According to Jacques Saadé, Chairman of the Executive Board of CMA CGM: “With this agreement, 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 Members, the Group now has the resources as well as a strong team in place to build on this new dynamic”.
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