Thursday, October 29, 2009

CMA CGM chairman living in a dream world

Creditors want the CMA CGM chairman out, before they agree to refinancing.

From Bloomberg News

Oct. 29 (Bloomberg) -- CMA CGM SA creditors have told the French container-shipping operator to replace founding Chief Executive Officer Jacques Saade before they restructure its $5.6 billion debt, three people with knowledge of the matter said.


And this was the response by the chairman

In an e-mailed statement to Bloomberg News, Saade said CMA “needs the expertise of its entire management team” to recover from the economic crisis.

“I can’t imagine that any of our financial partners would try to take advantage of this period,” he said, adding that the company expects a return to breakeven “in coming months.”


What's his definition of "coming months". I would like to see those calculations.

Must be that French math.

Maybe something got lost in the translation.

click here for link to article

2 comments:

Coy Ote said...

"What's his definition of "coming months". I would like to see those calculations.
Must be that French math."

;-) Right! Except the french mathmeticians have a great reputation! re: Blaise Pascal and Pierre de Fermat.

This guy sounds like an institution, and he is "too big to fail!" He will be lucky if his company is even still afloat in 6 months!

Lynda Applegate said...

Absolutely correct re French history of Math - I should have written "New French Math" (LOL), just like we had the "new math" in the U.S. (but that was a long time ago, and I doubt anyone remembers).