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Offshore Support Journal

Offshore Support Journal

CGG creditors fall into line with Chapter 11 plan

Tue 03 Oct 2017 by David Foxwell

CGG creditors fall into line with Chapter 11 plan
CGG has moved a step closer to exiting Chapter 11 after creditors agreed with its proposals

Seismic and geoscience specialist CGG says all creditor classes entitled to vote on the company’s Chapter 11 plan have agreed to accept the plan.

The plan was proposed in the Chapter 11 cases commenced on 14 June 2017 in the US Bankruptcy Court for the Southern District of New York by CGG SA’s 14 main foreign, direct and indirect subsidiaries, each a borrower or guarantor in respect of CGG Group’s funded financial indebtedness.

All holders who cast ballots in respect of the secured loans, and 97.14% in number and 97.96% in amount of those casting ballots in respect of the senior notes, voted in favour of the plan.

In mid-June, the company said that, following execution of legally binding agreements in support of the terms of an agreement-in-principle with key financial creditors announced on 2 June 2017, it had begun legal processes to implement a comprehensive pre-arranged restructuring, with the opening of a Sauvegarde proceeding in France and Chapter 11 and Chapter 15 filings in the US.

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