Advertisement

CGG Bankruptcy Extension Approved

Advertisement

The U.S. Bankruptcy Court approved CGG Holding’s motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including February 9, 2018 and April 10, 2018, respectively.

As previously reported, “Since the commencement of these chapter 11 cases less than four months ago, the Debtors have made extensive progress towards consummation of a plan of reorganization: they have successfully negotiated with their key constituencies regarding the terms of an agreed chapter 11 plan; they have filed the resulting plan and related disclosure statement, and all of the relevant exhibits, supplements and annexes thereto, with the Court; they have obtained this Court’s approval of their disclosure statement; and they have solicited votes on the plan from impaired creditors and received overwhelming acceptance thereof; and they have obtained this Court’s confirmation of the chapter 11 plan. All of this has been done in careful coordination with the Debtors’ affiliates, including their ultimate parent, CGG S.A., to ensure that the Debtors’ chapter 11 plan works in concert with the plan put forth by CGG S.A. in its concurrent restructuring proceeding in France to effectuate a single, integrated financial restructuring of the entire corporate group.”

In addition, “Consistent with the basic premise of the Restructuring, the Debtors cannot consummate their Chapter 11 Plan and emerge from chapter 11 until and unless CGG S.A. is also ready to consummate its plan….In the meantime, the Debtors are taking all appropriate steps to manage their business operations while in chapter 11 and are working diligently to comply with the cash collateral budget and ensure they are able to pay their bills as they come due.

Read more bankruptcy news.