CMA CGM gets $80 million from creditors

CMA CGM gets $80 million from creditors    CMA CGM said Tuesday it has received $80 million from a cadre of creditors who have promised the debt-ridden line interim backing of $500 million.
   The cash infusion is meant to allow the French container line to meet short-term debt payments on vessels. It suffered through a torrid first three quarters of 2009 due to poor revenue on its key trades, but said its operations had returned to profitability by the end of the year thanks to better demand and rate increases that stuck.
   The $500 million line from CMA CGM's creditors was contingent upon founder Jacques Saad' stepping down as chief executive, which he agreed to do in December. Saad' has remained as chairman.
   'The consortium of banks of CMA CGM today signed an agreement to release $80 million in financing to the group,' CMA CGM said in a statement. 'This financing is part of the overall restructuring plan whose negotiations are proceeding normally and which calls in particular for the grant of a $500 million cash facility. This payment is made at a time when the group's operations are continuing to show strong improvement month after month.'