A New York bankruptcy judge on Thursday granted several initial interim orders in favor of French oil services firm CGG after it filed for Chapter 11 bankruptcy to deleverage a balance sheet by nearly $2 billion, allowing the company to continue operations for the time being.
CGG Holding (U.S.) Inc., a geoscience service provider and equipment manufacturer for oil and gas exploration and production companies, commenced bankruptcy proceedings in the U.S. and France on Tuesday with just shy of $2.9 billion in total funded indebtedness