Reuters logo
BRIEF-Paris Commercial Court to rule on CGG restructuring plan on Dec. 1
November 21, 2017 / 6:32 AM / 25 days ago

BRIEF-Paris Commercial Court to rule on CGG restructuring plan on Dec. 1

Nov 21 (Reuters) - CGG:

* Commercial Court of Paris to rule on CGG’s draft safeguard plan - which has been opposed by some bondholders - on Dec. 1

* Majority of shareholders and bondholders of geophysical equipment maker CGG have approved the financial restructuring

* CGG has debt in excess of $3 billion, and the restructuring calls for unsecured debt to be converted to equity, maturities on secured debt to be extended and $500 million in new money to be raised

* CGG, in which the French state holds around 9 percent of the shares, filed for bankruptcy in France and the United States in June as part of a restructuring to ease its debt burden

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below