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CGG +23% as court approves restructuring plan

Dec. 01, 2017 6:18 PM ETCGG (CGG-OLD) StockCGG-OLDBy: Carl Surran, SA News Editor3 Comments
  • Shares of French geophysical equipment maker CGG-OLD closed with a 23% gain in today's trade after soaring as much as 80% higher, on news that the Commercial Court of Paris approved its financial restructuring plan and rejected a bid by some convertible bondholders to scuttle the draft proposal.
  • CGG said the safeguard plan next will be discussed at a Dec. 21 hearing, where a formal motion recognizing today's ruling and bringing the prospective Chapter 15 filing before the U.S. Bankruptcy Court is expected to be considered.
  • If the bankruptcy court agrees, CGG said it expects to begin issuing preferential subscription rights along with free warrants to shareholders in mid-January, and will issue other securities provided in the restructuring plan by the end of February.

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