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February 2, 2010

CMA CGM Gets Cash Injection

CMA CGM has received an $80m cash injection from banks as part of its restructuring plans. The French shipping firm said it is planning to repay $5.6bn in debts. The ocean carrier is also negotiating with South Korean shipyards to cancel 15 of 45 ships on order and delay the d

By cms admin

CMA CGM has received an $80m cash injection from banks as part of its restructuring plans.

The French shipping firm said it is planning to repay $5.6bn in debts.

The 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.

In December 2009, bondholders of CMA CGM approved a plan to allow an emergency $500m credit line.

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