CGG Gets Green Light for Restructuring Plan

CGG said that its shareholders have approved all the resolutions required to implement the financial restructuring plan.

Jean-Georges Malcor, CEO of CGG, said: “We thank the shareholders for their decisive support for the future of the company. This favorable vote is a new key step forward in the implementation of our financial restructuring.

“This financial restructuring will allow us to have a financial structure tailored to the difficult market conditions that we are currently facing. CGG has now been repositioned on high value added geosciences activities, and all our teams are entirely focused on delivering the best services to our clients.”

The next step in the CGG group’s financial restructuring will be the sanctioning of the safeguard plan by the Paris Commercial Court. For this purpose, a court hearing will be held on November 20th, 2017 in order to examine the draft safeguard plan and the claim filed against it by certain holders of convertible bonds.

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