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BRIEF-CGG begins legal process to implement balance sheet restructuring and create sustainable capital structure
June 14, 2017 / 8:24 PM / a month ago

BRIEF-CGG begins legal process to implement balance sheet restructuring and create sustainable capital structure

2 Min Read

June 14 (Reuters) - CGG SA:

* CGG: following agreement with key financial creditors, cgg begins legal process to implement balance sheet restructuring and create sustainable capital structure

* CGG - commences sauvegarde proceeding for parent company in france and pre-arranged chapter 11 for certain material subsidiaries in U.S.

* CGG says under terms of proposed restructuring agreements, upon emergence, approximately $1.95 billion in debt will be eliminated from CGG'S balance sheet

* CGG - CGG and certain of its financial creditors entered into a lock-up agreement on June 13, 2017

* CGG says expects that normal day-to-day operations will continue during french sauvegarde and U.S. Chapter 11 and chapter 15 processes

* CGG - under lock-up agreement, parties committed to support and to take all steps and actions necessary to implement and consummate restructuring plan

* CGG says intends to make timely payment to vendors in normal course for all goods and services provided after June 14

* CGG - lock-up agreement signed by ad hoc committee of secured lenders, holding collectively about 53.8pct of aggregate amount of group's secured debt

* CGG - lock-up agreement signed by ad hoc committee of senior noteholders holding about 52.4pct of aggregate principal amount of co's senior notes Source text for Eikon: Further company coverage:

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