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CGG gains overwhelming chapter 11 creditor approval

Written by  OE Staff Monday, 02 October 2017 10:30

CGG’s creditors have overwhelmingly accepted the company’s proposed chapter 11 plan, the French seismic firm announced today (2 October).

Image from CGG.

“Specifically, all holders who have 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 favor of the plan,” CGG said.

CGG announced is bankruptcy protection plan on 14 June 2017, in the US Bankruptcy Court for the Southern District of New York, by the company’s 14 main foreign, direct and indirect subsidiaries.

In June, Jean-Georges Malcor, CEO of CGG said that the company would continue normal business operations during the process, and the restructuring transactions would not affect relationships with its clients, business partners, vendors or employees.

“We expect that our financial restructuring can move forward quickly to strengthen our balance sheet and to position the company well for the future,” Malcor said in June.

On 3 March 2017, CGG entered into a financial restructuring process with the aim of significantly reducing debt levels and related cash interest costs and more broadly addressing its capital structure constraints. 

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