Shipping group CMA CGM, which operates the world's third-largest container fleet, has announced this week that it has agreed a deal to form a committee alongside a number of French, European and international banks to ensure its short and medium-term financing.
The rescue package, which also involves financial institutions from Asia, will see proposals put forward to strengthen CMA CGM's capital structure and ensure its ongoing development, the group said in a statement.
CMA CGM was forced to take drastic steps after being severely hit in the wake of the global economic downturn, with record decreases in freight rates and shipment volumes seen across all major global shipping lines.
'The French state is aware of this initiative and will be kept regularly updated on the progress made,' the group said.
Meanwhile, CMA CGM will continue with the initiatives started during the course of 2009, including the renegotiation and cancellation of ship deliveries.
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