CGG: Commercial court of Paris approves the safeguard plan
CGG announces that today the Commercial Court of Paris approved the safeguard plan of CGG, after finding the claims filed by certain holders of CGG’s convertible bonds against this draft plan inadmissible.
The next procedural step of CGG’s financial restructuring is the hearing scheduled on 21 December 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. 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.
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The trading on Euronext Paris in CGG’s shares (FR0013181864), Convertible Bonds due 2019 (FR0011357664) and Convertible Bonds due 2020 (FR0012739548), which was halted from 2:00 pm on December 1, 2017 will resume as from December 4, 2017 at 9:00 am.