Independent journal on economy and transport policy
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CMA CGM announces the completion of the plan of restructure of the financial situation of the shipowning group
It is based on three pillars: agreement with the credit institutions; agreement with the public fund Fonds Stratégique d' Investissement; investment of the Turkish group Yildirim
February 12, 2013
CMA CGM has announced today the completion of the plan of restructure of the financial situation of the company realized through the positive conclusion of an agreement with the credit institutions, a binding agreement with the public fund French Fonds Stratégique d' Investissement (FSI) and with an ulterior investment of the Turkish group Yildirim.
The French shipowning group has specified that the understanding with banks is relative to a new package of financings that - it has emphasized CMA CGM - "account of the volatility of the field and a partial refinancing of a credit line holds with expiration in 2013 through new financings assisted from real guarantees with expiration more three-year-old for a amount total of 280 million euros". Moreover the agreement with FSI, whose it stipulates is previewed within three months, previews straight that the public fund signs repayable obligations in actions for a amount of 150 million dollars, giving to a quota 6% in CMA CGM to the action of the conversion". At last CMA CGM has specified that, in the within of the agreement in existence with the Turkish group, Yildirim will sign repayable obligations in actions for a total of 100 million dollars, that gives straight to a quota 4% in CMA CGM as a result of the conversion.
The French shipowning group has evidenced that, "to little weeks from the signature for the sale of 49% of Terminal Link to Merchants Holdings International for 400 million euros Lowers ( on January 25, 2013, ndr), the agreement of CMA CGM with its banks with the injection of new capital will translate in a capital structure remarkablly more solid and flexible". "The completion of the restructure of the debit with the new injection of capital by FSI and of the Yildirim group and the cession of 49% of Terminal Link - it has found the managing director of the shipowning group, Rodolphe Saadé - will allow with CMA CGM to operate with the necessary flexibility financial institution and constitutes a stage key before to take in consideration an initial public offer".
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CMA CGM has announced today the completion of the plan of restructure of the financial situation of the company realized through the positive conclusion of an agreement with the credit institutions, a binding agreement with the public fund French Fonds Stratégique d' Investissement (FSI) and with an ulterior investment of the Turkish group Yildirim.
- Via Raffaele Paolucci 17r/19r - 16129 Genoa - ITALY
