Restructuring Update
Paris, France – May 12, 2017
On March 3, 2017, CGG S.A (“CGG” or the “Company”) entered into a financial restructuring process with the aim of significantly reducing debt levels and related cash interest costs to align them with its cash flows. In order to facilitate such restructuring discussions held under the aegis of a mandatairead hoc, CGG has executed non-disclosure agreements (“NDAs”) and initiated discussions with (i) certain members of the ad hoc committee representing a majority in principal amount of the secured debt (the “Secured Lenders Coordinating Committee”), (ii) members of the ad hoc Committee representing c. 40 % of the aggreg…
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