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CGG Bankruptcy Plan Filed

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CGG Holding filed with the U.S. Bankruptcy Court a Chapter 11 Plan and related Disclosure Statement.

According to the Disclosure statement, “Holders of Secured Funded Debt Claims will receive under the Restructuring Plans their pro rata share (based on the aggregate principal amount of the Secured Funded Debt Claims less the Termed Out French RCF Claims) of (x) New First Lien Notes and (y) the Secured Funded Debt Claims Cash Payment….Each Holder of an Allowed Senior Note and Senior Notes Accrued Interest Claim will receive the following treatment: Under the Safeguard Plan, (i) conversion into New CGG Shares in the context of the Rights Issue, at a price equal to the Euro equivalent of $1.75 per New CGG Share with Warrants 2, by way of set-off against the Allowed Senior Notes Claims if, and to the extent that, the backstop of the Holders of Senior Notes is called and (ii) conversion into New CGG Shares in the context of the Senior Notes Equitization at a price equal to the Euro equivalent of $3.50 per New CGG Share, in each case in accordance with and subject to the Safeguard Plan. Each Holder of an Allowed Senior Notes Accrued Interest Claim has the option to, in each case in accordance with and subject to the Safeguard Plan, (i) elect conversion of such Allowed Senior Notes Accrued Interest Claim into the New Second Lien Interest Notes in a principal amount of such Holder’s pro rata share of $86 million or (ii) to retain their Claims, which will be repaid over 10 years from the date of the French Plan Sanction Order in accordance with the payment schedule provided for in the Safeguard Plan.”

In addition, “In accordance with and subject to the terms and conditions of the Safeguard Plan, holders of Existing CGG Shares will receive Warrants 1 and will receive preferential subscription rights to subscribe for the Euro equivalent of $125 million of New CGG Shares in the Rights Issue, subject to applicable securities laws.”

The Disclosure Statement further notes, “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 $1.54 billion of prepetition Senior Notes and $403.5 million in prepetition Convertible Bonds.”

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