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CGG SA Files for Bankruptcy With $2-Billion Debt-To-Equity Deal

Friday, 16 June 2017 00:26
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Oil-services company CGG Group filed for bankruptcy protection in the U.S. and France after reaching a restructuring deal with lenders and bondholders that will swap nearly $2 billion in debt for most of the equity in reorganized CGC.

CGG announced that following execution of legally binding agreements in support of the terms of the agreement-in-principle with key financial creditors announced on June 2, 2017, it has begun legal processes to implement a comprehensive pre-arranged restructuring, with the opening of a Sauvegarde proceeding in France and Chapter 11 and Chapter 15 filings in the U.S.

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