CGG Financial restructuring plan: favorable vote by long-standing shareholders
October 17 2017 - 4:36PM
Financial restructuring
plan: favorable vote by long-standing
shareholders
Paris,
France - October 17, 2017
CGG has called a Combined General Meeting of its
shareholders to be held October 31[1], 2017, notably with the aim
of approving the resolutions required for the implementation of its
financial restructuring plan.
Following commitments obtained from the Company
and its creditors, Bpifrance has indicated that it will vote in
favor of all resolutions required for the implementation of the
financial restructuring plan. Bpifrance, through Bpifrance
Participations, is a shareholder of CGG and holds 9.4% of its
capital and 10.8% of its voting rights.
This decision falls within the scope of the
undertakings entered into by CGG and certain creditors in the
context of the safeguard procedure, giving specific emphasis to
employment and the Group's roots in France. Furthermore, CGG asked
the Commercial Court of Paris to take these undertakings into
account in its judgment sanctioning the plan. These commitments are
described in detail in the securities note supplement dated October
17, 2017 supplementing the prospectus which received AMF approval
number 17-551 on October 13, 2017, which is available on CGG's
website.
DNCA, holding approximately (i) 7.9% of CGG's
capital and 7.7% of its voting rights, (ii) 5.5% of the aggregate
nominal amount of CGG's senior notes and (iii) 20.7% of the
aggregate nominal amount of CGG's convertible bonds, also
committed, under the Restructuring Support Agreement dated June 13,
2017, to vote in favor of the restructuring plan at the General
Meeting.
Lastly, the financial restructuring plan was
also adopted by an overwhelming majority (i) on July 28, 2017, as
part of the safeguard procedure, by the committee of banks and
financial institutions and by the general meeting of bondholders
and (ii) on October 2, 2017, by the creditor classes entitled to
vote on the chapter 11 plan in the United States.
The press release shall not constitute an offer
to sell or the solicitation of an offer to buy securities. There
will not be any sale of these securities in any such state or
country in which such offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of
any state or country.
The securities referred to herein have not been
and will not be registered under the US Securities Act of 1933, as
amended (the "Securities Act") and may not be offered and sold in
the United States absent registration or an applicable exemption
from the registration requirements of the Securities Act.
About CGG
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 business divisions of Equipment, Acquisition and
Geology, Geophysics & Reservoir (GGR), CGG brings value across
all aspects of natural resource exploration and exploitation. CGG
employs around 5,500 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).
Contacts
Group
Communications Christophe BarniniTel: + 33 1 64 47 38
11E-Mail: : invrelparis@cgg.com |
Investor RelationsCatherine LeveauTel: +33 1 64 47 34
89E-mail: : invrelparis@cgg.com |
[1] Notice of shareholders' meeting published on September 25,
2017 in the Bulletin des Annonces Légales Obligatoires (BALO)
(number 115) and Convening notice published on October 10, 2017
in the BALO (number 123)
Attachments:
http://www.globenewswire.com/NewsRoom/AttachmentNg/9499bf7b-c0ac-4ead-b268-dfc8cb532b87