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CGG Bankruptcy Status Report Filed

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CGG Holding filed with the U.S. Bankruptcy Court a status report with respect to the reorganization of the Debtors and their non-Debtor affiliates (collectively, “CGG Group”) in France and the United States through the Safeguard Plan and the Plan, respectively.

According to the Debtors, “As the Court may recall, implementation of the Financial Restructuring requires, among other things, approval by the requisite majority of the Debtors’ lenders and bondholders, approval of the resolutions necessary to implement the Safeguard Plan by the requisite majority of CGG S.A.’s (‘CGG’) shareholders at the general meeting of shareholders (the ‘General Meeting’) and sanctioning by the French Court of the Safeguard Plan. In accordance with the rules applying to the Safeguard under French law, a meeting of the committee of credit institutions and assimilated entities (the ‘Lenders’ Committee’) and a bondholders’ general meeting (the ‘BGM’) were held on July 28, 2017. At such meetings, the Lenders’ Committee unanimously approved the Safeguard Plan, and a 93.5% majority of the holders of claims arising under CGG’s senior notes and convertible bonds who cast a vote at the BGM also approved the Safeguard Plan.”

In addition, “Accordingly, the requisite threshold of creditors have voted to approve the Safeguard Plan. In early August, an informal group of convertible bondholders objected to their treatment under the Safeguard Plan. The French Court will examine the Safeguard Plan and the convertible bondholder group’s challenge thereto at a hearing later this month….Given the delays…with respect to the shareholder vote, the French Court has postponed the hearing to approve the Safeguard Plan to November 20, 2017 (from November 6, 2017). Assuming that the French Court enters an order sanctioning the Safeguard Plan, CGG will seek an order in the Chapter 15 Case to enforce the French sanction order at the hearing before this Court. Although the Debtors had hoped that the Effective Date of the Plan would occur in mid-January 2018, in light of the aforementioned delays, it is likely that the Plan will not be consummated until February 2018.”

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