CGG obtains recognition of the French ruling approving its safeguard plan by the US court as part of the Chapter 15 process
Paris, France - December 21, 2017
CGG announces that by an order issued today in CGG's Chapter 15 Case, the US Bankruptcy Court recognized the ruling of the Commercial Court of Paris dated December 1st, 2017 approving its safeguard plan. The US Bankruptcy Court's order gives full force and effect to the French Court's approval ruling and prohibits CGG's creditors from taking any action inconsistent with the safeguard plan in the United States. This order marks the final US in-court milestone before the financial restructuring of the CGG group that is to take place by February 28, 2018 can be implemented.
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 5,400 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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