CGG informed that the Commercial Court of Paris has approved the safeguard plan of CGG.
The approval comes after finding the claims filed by certain holders of CGG’s convertible bonds against the safeguard draft plan inadmissible.
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.
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 explained.
It is to be noted that the 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.