Subscribe to RSS feedCMA CGM chief’s fury over bank ousting claim
by
Andrew Spurrier, Paris
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last modified
Nov 05, 2009 03:17 PM
CMA CGM chairman and founder Jacques Saadé has reacted indignantly to a report that the group’s banks are seeking to oust him as the price of their participation in the restructuring of its US$5.6bn debt.
News agency reports cited three anonymous but knowledgeable sources as saying that the banks had demanded that Mr Saad be replaced and the group’s board reconstituted as a condition of the restructuring.
The sources indicated that Mr Saad could...
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