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Qatar offers $1bln to CMA CGM

Qatar offers $1bln to CMA CGM
The state-owned investment fund of the nation of Qatar is offering to pump $1 billion into financially-troubled CMA CGM to help bail out the world?s third-largest container ship operator, according to published reports.

CMA CGM Negotiating for $1 Billion Qatar Investment

The state-owned investment fund of the nation of Qatar is offering to pump $1 billion into financially-troubled CMA CGM to help bail out the world"s third-largest container ship operator, according to published reports.

The Qatar Investment Authority is offering the investment in the form of loan guarantees to CMA CGM, which is carrying a heavy debt burden even as operating results in its liner business improve, according to the French business publication La Lettre de l"Expansion.

Agence France-Presse reported the company and the investment group could reach an agreement by this summer.

?CMA is in discussion with the Qatar fund,? AFP quoted an unnamed source as saying.

It was unclear what impact the investment from Qatar would have on CMA CGM"s existing arrangements with creditor banks, which have provided some $500 million in loans to the carrier in exchange for a management reorganization.

CMA CGM has some $5 billion in debts following the worst downturn in container shipping history and a series of steep losses from hedging deals on oil prices.

www.turkishmaritime.com.tr

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