Anticipated for weeks as a potential investor in the world's number three container shipping, the Strategic Investment Fund (ISF) had remained silent about its real intentions. The team installed the TFB have advanced in their thinking. "Investing in CMA CGM enters our mission," says one to the ISP. While specifying a timetable: "We will file a second time when the company has restructured its debt." There is no question that the public fund to intervene in the negotiations currently taking place.

The ISP also said it will invest "alongside other investors. The process of at-gmentation capital has been committed, but he is preparing. Already several investors have expressed interest. The Louis Dreyfus Group is ready to review the case.But is the financial side of the expressions of interest are most numerous. Apart from the ISP, Goldman Sachs, Butler Capital and Apollo funds are on track.

Largest private employer in Marseille

Jacques Saade, chief founder of CMA CGM, has suggested that the capital increase would be about 300 to 400 million dollars. The ISP does not comment on that amount but said that the lump sum will depend on "the business plan and successful debt restructuring.

The financial support announced the ISP is a strong political signal. It aims to inform the State will play its role to prevent the fall of this group with strategic issues. It is a large group of global maritime trade and the largest private employer in Marseille.CMA CGM is also an actor who plays a key role in the French port activity, strong competition from major ports in the North and the Mediterranean, including Barcelona.

Expected to help the ISP comes as very complex negotiations between creditors, the Saade family, and the government regarding the debt were held Thursday morning at Bercy.

In reality, the parties will simultaneously run a dual operation. This is firstly to allow the ocean carrier to meet its deadlines financial year end. An injection of new money is necessary. Creditors, sixty banks are naturally sought.

The negotiations are tight. The possible aid would be accompanied by the establishment of a new manager operational very quickly, even before the completion of the capital increase.In this scenario, Jacques Saade, current chairman of the board, could become chairman of the supervisory board or become chairman of the board if the governance structure is changed.

Meanwhile, negotiations have focused on restructuring the debt estimated at 5.6 billion dollars. The objective of the parties is able to determine the amount of debt, primarily the purchase of boats that can carry the group based on the level of activity expected in the short and medium term CMA CGM.

From there, the creditors will negotiate mechanisms to reduce this debt: the abandonment of a portion of the debt, a conversion of debt into shares or deferred interest payments. This restructuring is a very difficult operation.It must indeed convince many creditors, including Korean banks to review their commitments.

CMA CGM has to clarify the pattern selected and the terms of the financial restructuring December 15 at a works group. The deadlines are tight.

ALSO READ:

"The future of CMA CGM is played today

"CMA CGM is restructured in a better situation

"CMA CGM ready to receive investment funds