The general meeting of shareholders has approved the financial restructuring plan
Paris, France - November 13, 2017
CGG announces that the general meeting of shareholders has approved all the resolutions required to implement the financial restructuring plan.
Jean-Georges Malcor, CEO of CGG, said: "We thank the shareholders for their decisive support for the future of the company. This favorable vote is a new key step forward in the implementation of our financial restructuring. This financial restructuring will allow us to have a financial structure tailored to the difficult market conditions that we are currently facing. CGG has now been repositioned on high value added geosciences activities, and all our teams are entirely focused on delivering the best services to our clients."
The next step in the CGG group's financial restructuring will be the sanctioning of the safeguard plan by the Paris Commercial Court. For this purpose, a court hearing will be held on November 20th, 2017 in order to examine the draft safeguard plan and the claim filed against it by certain holders of convertible bonds.
Trading on the Company shares (FR0013181864), the 2019 Convertible Bonds (FR0011357664) and the 2020 Convertible Bonds (FR0012739548), which has been suspended from November 13th, at 9:00am, will resume as from November 14th, 2017, at 9:00am.
CGG (www.cgg.com) is a fully integrated Geoscience company providing leading geological, geophysical and reservoir capabilities to its broad base of customers primarily from the global oil and gas industry. Through its three complementary businesses of Equipment, Acquisition and Geology, Geophysics & Reservoir (GGR), CGG brings value across all aspects of natural resource exploration and exploitation. CGG employs around 5,500 people around the world, all with a Passion for Geoscience and working together to deliver the best solutions to its customers.
CGG is listed on the Euronext Paris SA (ISIN: 0013181864) and the New York Stock Exchange (in the form of American Depositary Shares. NYSE: CGG).
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