With the favorable decision of the Paris Commercial court approving the safeguard plan further to the approval of the resolutions necessary to implement the plan by the extraordinary general meeting and the confirmation judgement for the Chapter 11 in the United States.
CGG announces that today the Commercial Court of Paris approved the safeguard plan of CGG, after finding the claims filed by certain holders of CGG’s convertible bonds against this draft plan inadmissible.
The decision by the Commercial Court of Paris on the approval of the draft safeguard plan and on the claim filed against it by certain holders of convertible bonds is expected in the afternoon of December 1, 2017.
During the hearing held on November 20, 2017, the Commercial Court of Paris indicated that it would render its judgment on the draft safeguard plan of CGG and the claim filed against it by certain holders of Convertible Bond, on December 1, 2017. The more detailed indicative timetable of the financial restructuring will be updated as soon as possible.
CGG announced today delivery of the final time-processed data from its Northern Viking Graben multi-client 3D BroadSeis™-BroadSource™ survey.
Sercel announced today that it has entered into a partnership with UK-headquartered Fotech Solutions to jointly develop future borehole seismic and distributed acoustic sensing (DAS) monitoring technology.
Quarterly EBITDA sustained by solid multi-client sales; Year-to-date results in line with our full year outlook; Financial restructuring plan.
CGG announces that the general meeting of shareholders has approved all the resolutions required to implement the financial restructuring plan.
The general meeting of CGG which will be held on November 13, 2017 being crucial for the current restructuring process of CGG, the Company will ask for suspension of trading on the Company’s shares (ISIN : FR 0013181864), the 2019 Convertible Bonds (ISIN : FR 0011357664) and the 2020 Convertible Bonds (ISIN : FR 0012739548) from November 13, 2017, at 9am, until the close of the Paris and New York Stock exchanges.