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You are here: Home → Archive → 2009 → December → Weekly Edition 23rd December 2009 → CMA CGM buys time with US$500m credit line

CMA CGM buys time with US$500m credit line

by Janet Porter and Andrew Spurrier — last modified Dec 24, 2009 10:56 AM

FAMILY-owned CMA CGM has finally bowed to pressure from banks by agreeing to appoint a new chief executive and bring in outsiders to its board as part of an interim rescue package that will protect cashflow while debt restructuring talks continue next year.

Philippe Souli, currently chief executive of engineering group Constructions Industrielles de la Mditerrane, will take over as chief executive of the embattled group in a move that will dilute the influence of founder Jacques Saad, who remains chairman of the...

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