CMA CGM creditors have ordered the French line to replace chairman Jacques Saadé before they restructure its $5.6bn debt, three people with knowledge of the matter told Bloomberg.
The family-owned business is reported to be considering demands from lenders including BNP Paribas to appoint a new head and revamp the board.
Speculation about an internal shake-up was also stirred when Rodolphe Saadé, rather than his father, fronted CMA CGM’s efforts to restore its tarnished public image in interviews to Lloyd’s List and the French business paper Les Echos earlier this month.
Banks want management changes before agreeing to restructure CMA CGM’s debt and help renegotiate its huge orderbook.
The company declined to comment on the rumours, as did the banks involved.
On the other side. The head of Tui’s supervisory board, Jürgen Krumnow, has resigned with immediate effect.
The surprise move will see him replaced by Dietmar Kuhnt, former chief executive of utility company RWE. Tui gave “personal reasons” for Mr Krumnow’s resignation.
Source : Lloyd’s List, 29.10.09.
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