The five and a half billion dollar debt hanging round the neck of CMA CGM must resemble a mountain more than a millstone to CEO and group founder Jacques Saade at the moment. Despite the fact the company is still family controlled, the people holding the groups purse strings, its bankers, are likely to insist on major management changes before a rescheduling of debts is agreed. … The line up of creditors consists of a cartel of banks, all of whom clearly want to have more control over the company’s future before committing more cash.
