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Creditors accept restructuring plan for oil services group CGG
October 2, 2017 / 5:54 AM / 3 months ago

Creditors accept restructuring plan for oil services group CGG

PARIS, Oct 2 (Reuters) - The creditors of debt-ridden oil services group CGG have accepted CGG’s chapter 11 bankruptcy plan, CGG said on Monday, in what could form one of the biggest restructurings that France has seen in recent years.

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.

The company, which specialises in geo-seismic surveys and is listed in Paris and New York, struggled to keep up with payments on its debt as the big oil groups that use its services proved reluctant to lift exploration spending despite rising oil prices. (Reporting by Sudip Kar-Gupta; Editing by Richard Pullin)

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