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CGG Safeguard Plan Approved

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CGG announced that the Commercial Court of Paris approved its safeguard plan after finding that claims filed by certain CGG convertible bondholders are inadmissible. According to the release, the next procedural step of the Company’s financial restructuring is the December 21, 2017 hearing to consider U.S. Bankruptcy Court recognition of the ruling approving the safeguard plan within the context of CGG S.a.’s Chapter 15 proceedings.

Concurrent with CGG S.a.’s June 14, 2017 Chapter 15 filing, CGG Holding (U.S.) and 13 affiliated Debtors filed Chapter 11 petitions in the same Court. CGG explains, “Subject to in particular a favorable decision by the US Bankruptcy Court, the rights issue with preferential subscription rights and allocation of free warrants to shareholders are expected to be launched in mid-January, with the settlement and delivery of the various securities issuances provided for under the restructuring plan expected to occur by the end of February 2018. It is to be noted that the Convertible Bonds due 2019 and the Convertible Bonds due 2020 may now only give right to CGG shares according to the terms of the approved safeguard plan.”

Trading on Euronext Paris in CGG’s shares (FR0013181864), Convertible Bonds due 2019 (FR0011357664) and Convertible Bonds due 2020 (FR0012739548), which was halted on December 1, 2017, will resume on December 4, 2017.

Read more CGG bankruptcy news.

The post CGG Safeguard Plan Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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