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CGG files for bankruptcy protection

CGG files for bankruptcy protection

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French geophysical services company CGG has moved to implement a pre-arranged restructuring, with the company filing for Sauvegarde (safeguard) proceedings in France and certain subsidiaries filing for Chapter 11 in the US.

The company says it will now seek a restructuring agreement with the required majority of creditors subject to approval by shareholders. The restructuring will result in a group with pro-forma leverage below 2x, no debt maturing before 2022 and a $1bn liquidity improvement.

Jean-Georges Malcor, CEO of CGG, commented: “CGG has accomplished a major step today for its comprehensive financial restructuring plan. The June 2, 2017 agreement-in-principle with our main creditors and DNCA has been signed and the restructuring plan meets our objectives of substantially reducing the debt on our balance sheet while preserving the integrity of the CGG Group.”

Malcor added that CGG will continue normal business operations and the restructuring would not affect its relationships with clients, business partners, vendors and employees.

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Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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3 Comments

  1. Lesimple Caroline
    June 16, 2017 at 9:57 pm

    Sad news

  2. Capt manjit handa
    June 16, 2017 at 10:29 pm

    Now bankruptcies are occurring @ one per week.

  3. Parmike
    June 17, 2017 at 1:53 am

    Translated: We are going to screw the investors that trusted us and believed our promises…….