Creditors accept Chapter 11 restructuring plan for CGG

French geophysical services company CGG, which filed for Chapter 11 bankruptcy protection in the US in June, announced on Monday that its creditors have accepted the restructuring plan overwhelmingly.

The plan was proposed in the US Bankruptcy Court for the Southern District of New York.

It involved conversion of unsecured debt into equity and raising of $500m through a $125m rights issue and a $375m issue of new secured second lien senior notes with a six-year maturity.

CGG is burdened with more than $3bn in debt.

The company specializes in geoseismic surveys, mainly for the global oil and gas industries.

Donal Scully

With 28 years experience writing and editing for newspapers in the UK and Hong Kong, Donal is now based in California from where he covers the Americas for Splash as well as ensuring the site is loaded through the Western Hemisphere timezone.
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