Quantcast
Channel: Daily Bankrupt Company Updates | Bankrupt Company News
Viewing all articles
Browse latest Browse all 4593

CGG Bankruptcy Reorganization Plan Filed

0
0

CGG Holding (U.S.) filed with the U.S. Bankruptcy Court a Joint Chapter 11 Plan of Reorganization and related Disclosure Statement.

According to the Disclosure Statement, “The Plan is part of a comprehensive reorganization of the Company in France and the United States through plans approved (i) in the Safeguard and (ii) under chapter 11 of the Bankruptcy Code with respect to the Debtors….The Restructuring Plans implement the Company’s financial reorganization. CGG, along with the Debtors, is a plan proponent within the meaning of section 1129 of the Bankruptcy Code and will sponsor the Plan. By way of overview, the Plan provides for payment in full in Cash of all Administrative Claims, inclusive of Claims against any of the Debtors arising under section 503(b)(9) of the Bankruptcy Code and priority claims against the Debtors (subject to permitted installment payments for certain Priority Tax Claims). In addition, the Restructuring Plans provide for the treatment of Allowed Claims against, and Interests in, the Plan Proponents…(all of the securities issuable under the Restructuring Plans are referred to in this Disclosure Statement as the “Securities”).”

In addition, “The Plan Proponents believe that the Plan, together with the Safeguard Plan provides the best restructuring alternative available to the Company. Together, the restructuring achieves: a 100% recovery to Allowed General Unsecured Claims and all creditors who are Unimpaired under the Plan; a new money infusion of up to $500 million; a principal reduction through an up to $150 million pay down and extension of the remaining terms of the prepetition secured funded debt; and deleveraging the Company’s balance sheet by equitizing approximately [$1.6 billion] of prepetition Senior Notes and [$443 million] in prepetition Convertible Bonds. Through the restructuring, the Plan Proponents expect to create a sustainable capital structure that will position the Company for success in the energy exploration, production and development industry.”

The Court scheduled an August 28, 2017 hearing to consider the Disclosure Statement.

Read more bankruptcy news.

The post CGG Bankruptcy Reorganization Plan Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


Viewing all articles
Browse latest Browse all 4593

Latest Images

Trending Articles





Latest Images