CGG: agreement in principle on financial restructuring.
(CercleFinance.com) - CGG is soaring 27% today, thanks to the announcement of an agreement in principle on a financial restructuring plan that has won the support of the majority of its secured lenders, the majority of senior noteholders and DNCA.
According to the specialist in geophysical studies, this agreement meets its target for a full capital conversion of existing unsecured debt, extension of secured debt maturities and financial flexibility.
In this context, with the authorisation from the Paris Commercial Court, CGG's board of directors has decided to postpone the ordinary general meeting in order to let shareholders vote both on the 2016 accounts and on the group's restructuring.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
According to the specialist in geophysical studies, this agreement meets its target for a full capital conversion of existing unsecured debt, extension of secured debt maturities and financial flexibility.
In this context, with the authorisation from the Paris Commercial Court, CGG's board of directors has decided to postpone the ordinary general meeting in order to let shareholders vote both on the 2016 accounts and on the group's restructuring.
Copyright (c) 2017 CercleFinance.com. All rights reserved.