CMA CGM clears its first financial hurdle

摘要

CMA CGM has obtained a USD500 million credit line from its banks to help service its loans. A condition of the credit line is that CMA CGM's top management structure be changed.rnTo this end, its supervisory and executive boards have been replaced by a board of directors chaired by Jacques Saade.rnMost significantly, an outsider, Philippe Soulie, the chairman of the French construction company CNIM, has been brought in as ceo.rnJacques Saade's brother-in-law Farid Salem and son Rodolphe Saade will now become board members, along with outsidersrnChristian Garin (Sea Tankers) and Denis Ranque (Thales).rnCommenting on the rearrangement, Jacques Saade said: 'With this agreement, our financial partners are sending a strong message and affirming their confidence in the Group.