November 30, 2017 / 6:37 AM / 11 days ago

BRIEF-Trading halt requested on CGG shares for Dec. 1

Nov 30 (Reuters) - CGG:

* Trading halt requested on CGG shares for December 1

* Decision by the Commercial Court of Paris on the approval of the draft safeguard plan and on the claim filed against it by certain holders of convertible bonds is expected in the afternoon of December 1, 2017

* Majority of shareholders and bondholders of geophysical equipment maker CGG have approved CGG’s financial restructuring

* CGG has debt in excess of $3 billion, and the restructuring calls for unsecured debt to be converted to equity, maturities on secured debt to be extended and $500 million in new money to be raised

* CGG, in which the French state holds around 9 percent of the shares, filed for bankruptcy in France and the United States in June as part of a restructuring to ease its debt burden

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