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.