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CGG Bankruptcy Plan Summarized

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BankruptcyData’s detailed analysis and summary of CGG Holding’s Joint Chapter 11 Plan of Reorganization, Further Revised, dated October 16, 2017, is now available.

The U.S. Bankruptcy Court confirmed the Plan on October 18, 2017; however, an effective date has not yet been issued. BankruptcyData notes, “The Plan is part of a comprehensive reorganization of the Company in France and the United States through plans approved in the Safeguard and under chapter 11 of the Bankruptcy Code with respect to the Debtors. The Restructuring Plans implement the Company’s financial reorganization. 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 $1.54 billion of prepetition Senior Notes and $403.5 million in prepetition Convertible Bonds.”

BankruptcyData’s Plan Summary continues, “General Unsecured Claims will be paid in full in the ordinary course of business or reinstatement (together with interest if provided for under the governing agreement), for a rate of recovery of 100%.” BankruptcyData premium subscribers receive access to the full summary, which provides further details on corporate background, events leading to CGG Holding (US)’s June 14, 2017 Chapter 11 filing, recovery specifications and a comprehensive break-down of all claimant classes.

Read more bankruptcy news.

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


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