CMA CGM SA, the French shipper reorganizing 5.4 billion euros ($7 billion) of debt, is seeking to put together a new investor group by a July 26 court deadline, said people with direct knowledge of the matter.
CMA CGM, which began talks with creditors in September, needs the reorganization to avoid insolvency after breaching covenants on most of its debt.
It remains unclear whether CMA CGM will be able to reach an agreement with investors before a hearing next week at the Paris court overseeing the reorganization, the people said. CMA CGM could also seek to extend the deadline.