Court gives nod to CGG’s safeguard plan

A court in Paris, France has approved the safeguard plan of CGG, a marine seismic acquisition and processing company.

The French company on Friday said that the Commercial Court of Paris had approved the plan, after finding the claims filed by certain holders of CGG’s convertible bonds against this draft plan inadmissible.

Following shareholders’ approval of all resolutions required to implement CGG’s financial restructuring plan earlier in November, the next step in the process was the sanctioning of the safeguard plan by the Paris Commercial Court, which has now been fulfilled.

The next procedural step of CGG’s financial restructuring is the hearing scheduled on December 21, 2017 to consider the motion for the recognition of the ruling approving the safeguard plan by the competent US Bankruptcy Court within the context of the Chapter 15 proceedings, CGG said.

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.

CGG noted that 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.

The company in November posted a net loss of $124.4 million for 3Q 2017 on revenues of $320 million. This compares to $88 million net loss and revenues of $264 million in the prior-year third quarter.

Offshore Energy Today Staff

Share this article

Follow Offshore Energy Today

Posted on December 4, 2017 with tags , .

Events>

<< Jan 2018 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4

AOG 2018 Conference

This event is a showcase of the latest products and attracts over 8,000 global visitors providing opportunities to network and learn about…

read more >

8th Myanmar Oil, Gas & Power Summit

The Myanmar Oil and Gas Summit is the longest established Oil & Gas event in Myanmar. Every year the event is attended by government…

read more >

FPSO Europe Congress 2018

The FPSO Europe Congress 2018 builds on these themes, lending a particular focus to FPSO Value Preservation and Operational Excellence…

read more >

Arabia 2018 Conference and Exhibition

Offshore Arabia is a focused prestigious meeting place of the Offshore Industry, and it’s diverse spectrum from the Oil & Gas…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply