CGG informed that the US Bankruptcy Court has recognized the ruling of the Commercial Court of Paris approving the company’s safeguard plan.
The US Bankruptcy Court’s order gives full force and effect to the French Court’s approval ruling and prohibits CGG’s creditors from taking any action inconsistent with the safeguard plan in the United States, the company said.
Following the decision by the US Bankruptcy Court, the rights issue with preferential subscription rights and allocation of free warrants to shareholders are expected to be launched in mid-January.
This order marks the final US in-court milestone before the financial restructuring of the CGG that is to take place by February 28, 2018, the company said.
In addition, CGG earlier informed that its chief executive officer, Jean-Georges Malcor, will step down from the position once the restructuring process of the company is completed.
He will remain in the company until his retirement on October 01, 2018 in order to support the new CEO taking the office.