Apparently, part of the deal was for the founder and CEO Jacques Saadé, to step down, which he has now done, following two missed deadlines for refinancing agreements.
The French Government said they would assist CMA CGM if necessary, but only if they came to terms with their creditors for refinancing.
The creditors had said part of the requirement for refinancing was for Mr. Saadé to step down. He had resisted doing so, which is certainly understandable as he founded the company.
This paves the way for new investors, which are believed to be
Louis Dreyfus Armateurs, a French bulk ship owner, French private equity group Butler Capital Partners, and Los Angeles-based Apollo Management, the owner of CEVA Logistics of the Netherlands.
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