CGG: PPlocal opposes restructuring plan.
(CercleFinance.com) - PPlocal, an association which has over 1,700 individual shareholders, has announced that it strongly opposes the proposed financial restructuring plan negotiated with creditors by CGG's management.
It considers that this plan does not ensure CGG's continuity, considering deleveraging that is largely insufficient, and that it treats creditors better in relation to shareholders who have already been made to make heavy contributions over the past eighteen months.
PPlocal therefore said that it is already opposing this plan ahead of the general meeting and is considering several actions. From this viewpoint, the association will publish its recommendations for voting on its website.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
It considers that this plan does not ensure CGG's continuity, considering deleveraging that is largely insufficient, and that it treats creditors better in relation to shareholders who have already been made to make heavy contributions over the past eighteen months.
PPlocal therefore said that it is already opposing this plan ahead of the general meeting and is considering several actions. From this viewpoint, the association will publish its recommendations for voting on its website.
Copyright (c) 2017 CercleFinance.com. All rights reserved.