CMA CGM plans to reach agreement with new investors over a stake in the ocean container carrier by the end of July, the company said as it unveiled sharply higher first quarter profit and revenue.
Talks with potential investors are well advanced but require the preparation of particularly complex documents, the French carrier said.
CMA CGM, which is struggling to refinance $5.3 billion of debt, is negotiating a capital injection with Qatari Holdings, Qatar's sovereign wealth fund, and U.S. private equity investor Colony Capital.
The carrier denied press reports last week that it had struck a deal with Qatari Holdings which would provide $1 billion cash for a 49 percent stake in the Marseilles-based carrier.
France's state-backed FSI strategic investment fund is expected to participate in CMA CGM's recapitalization.
CMA CGM said its business has sharply improved since the beginning of the year. It earned $380 million before interest, tax, depreciation and amortization in the first quarter, a $640 million improvement on the same period in 2009 and in line with the first quarter of 2008.
First quarter revenue surged 29 percent from a year ago to $3.2 billion, driven by a 21 percent increase in cargo volume.
Second quarter results will exceed the first quarter figures, the world's third largest container carrier said.
Talks with potential investors are well advanced but require the preparation of particularly complex documents, the French carrier said.
CMA CGM, which is struggling to refinance $5.3 billion of debt, is negotiating a capital injection with Qatari Holdings, Qatar's sovereign wealth fund, and U.S. private equity investor Colony Capital.
The carrier denied press reports last week that it had struck a deal with Qatari Holdings which would provide $1 billion cash for a 49 percent stake in the Marseilles-based carrier.
France's state-backed FSI strategic investment fund is expected to participate in CMA CGM's recapitalization.
CMA CGM said its business has sharply improved since the beginning of the year. It earned $380 million before interest, tax, depreciation and amortization in the first quarter, a $640 million improvement on the same period in 2009 and in line with the first quarter of 2008.
First quarter revenue surged 29 percent from a year ago to $3.2 billion, driven by a 21 percent increase in cargo volume.
Second quarter results will exceed the first quarter figures, the world's third largest container carrier said.