CMA CGM seems to have pulled its financial irons out of the fire. Last year it agreed deals for a combined equity injection of US$250 million. Then last month CMA CGM, subject to regulatory approval, agreed to sell 49% of its container terminals subsidiary for EUR400m. Finally, the week before last, the line finalised its debt restructuring agreement with its banks. This provided for a new covenant package and a partial refinancing of a credit line maturing in 2013 into new secured term loans of a maturity of more than three years for a total amount of EUR280m. Rodolphe Saadé, CMA CGM’s executive officer, said that all this constituted key milestones before contemplating an initial public offering.
