CGG Holding (U.S.) filed with the U.S. Bankruptcy Court a Revised Joint Chapter 11 Plan of Reorganization and related Disclosure Statement.
According to the Disclosure Statement, “The Plan is part of a comprehensive reorganization of the Company in France and the United States through plans approved (i) in the Safeguard and (ii) under chapter 11 of the Bankruptcy Code with respect to the Debtors….
Under the Safeguard Plan,
(i) conversion into New CGG Shares in the context of the Rights Issue, at a price equal to the Euro equivalent of $1.75 per New CGG Share with Warrants2, by way of set-off against the Allowed Senior Notes Claims if, and to the extent that, the backstop of the Holders of Senior Notes is called and
(ii) conversion into New CGG Shares in the context of the Senior Notes Equitization at a price equal to the Euro equivalent of $3.50 per New CGG Share, in each case in accordance with and subject to the Safeguard Plan.”
The Court previously scheduled an August 28, 2017 hearing to consider the Disclosure Statement.