Thursday, May 14, 2020

Shipping Major "CMA CGM taps French loan scheme to boost cash in coronavirus crisis"

The Saade clan has been making a few liquidity-enhancing moves, one of the bigger ones after the jump.
From Reuters:
Shipping group CMA CGM has obtained a 1.05 billion euro ($1.1 billion) loan to be 70% guaranteed by the French government as it seeks to bolster its cash position during the coronavirus pandemic, which has hammered international trade. 

The loan, secured from a consortium of banks comprising BNP Paribas (BNPP.PA), HSBC (HSBA.L) and Société Générale (SOGN.PA), has an initial one-year maturity and an extension option of up to five years, Marseille-based CMA CGM said in a statement on Wednesday.

France is offering guarantees to support billions of euros in loans for French companies to help them survive the economic fallout from the novel coronavirus.

“This new funding further strengthens CMA CGM’s cash position in order to confront uncertainties in the global economy resulting from the health crisis,” the group said.....MORE 
See also March 30's:
Shipping: "CMA CGM completes sale of eight port terminals to Terminal Link for US$815m"
As noted on the story of folks pawning their $10 million paintings: "It's always nice to have assets"
Also, liquidity is good.*
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