French shipping carrier CMA CGM has received a US$80m cash boost from its banks as it continues negotiations to restructure its US$5.6bn debt.
The funds are part of a US$500m cash line the banks agreed to provide CMA CGM with as part of the restructuring, which involved company founder Jacques Saadé standing down as chief executive of the firm he started in 1978.
CMA CGM said negotiations were proceeding normally and that its operations are showing strong improvement, the Journal of Commerce reported.
The world's third largest carrier is also negotiating with South Korean shipyards in a bid to cancel 15 of 45 ships on order and delay the delivery of a further 15.
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