CGG Holding announced that the U.S. Bankruptcy Court recognized the December 1, 2017 ruling of the Commercial Court of Paris approving the Safeguard Plan.
According to a corporate release, the U.S. Court’s recognition order gives full force and effect to the French Court’s approval ruling and prohibits CGG’s creditors from taking any action in the United States inconsistent with the Safeguard Plan. The release states, “This order marks the final US in-court milestone before the financial restructuring of the CGG group that is to take place by February 28, 2018 can be implemented.”
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