Pursuits
CMA CGM Creditors Said to Challenge CEO Saade’s Rule
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CMA CGM SA creditors have told the French container-shipping operator to replace founding Chief Executive Officer Jacques Saade before they restructure its $5.6 billion debt, three people with knowledge of the matter said.
The family-owned company, the world’s third-largest container shipper, is considering demands from lenders including BNP Paribas SA that it appoint a new CEO and revamp the board, according to the people, who asked not to be named because the discussions are confidential.