Gulf Oil and Gas accountACCOUNT

Overwhelming Acceptance by Creditors Entitled to Vote on Chapter 11 Plan

Source: www.gulfoilandgas.com 10/2/2017, Location: Europe

CGG SA announces that all creditor classes entitled to vote on the chapter 11 plan proposed in the chapter 11 cases commenced on 14 June 2017 in the US Bankruptcy Court for the Southern District of New York by CGG SA’s 14 main foreign, direct and indirect subsidiaries, each a borrower or guarantor in respect of CGG Group’s funded financial indebtedness, have accepted the plan overwhelmingly.

Specifically, all holders who have cast ballots in respect of the Secured Loans, and 97.14% in number and 97.96% in amount of those casting ballots in respect of the Senior Notes, voted in favour of the plan.

“Senior Notes” means CGG SA’s (i) 6.500% Senior Notes due 2021 (CUSIP: 204384AB7 / ISIN: US204384AB76; CUSIP: F1704UAD6 / ISIN: USF1704UAD66), (ii) 5.875% Senior Notes due 2020 (Reg. S ISIN: XS1061175607 / Reg. S Common Code: 106117560; Rule 144A ISIN: XS1061175862 / Rule 144A Common Code: 106117586), and (iii) 6.875% Senior Notes due 2022 (Reg. S CUSIP: F1704UAC8 / Reg. S ISIN: USF1704UAC83; Registered CUSIP: 12531TAB5 / Registered ISIN: US12531TAB52).

“Secured Loans” means (i) the revolving credit agreement entitled “Multicurrency Revolving Facility Agreement”, entered into by CGG SA on July 31, 2013 for an initial amount in principal of USD 325,000,000 , reduced to approximately USD 300,000,000, which amount is currently outstanding, (ii) the revolving credit facility agreement entitled "Credit Agreement" dated 15 July 2013 entered into by CGG Holding (U.S.) Inc. for an initial amount of USD 165,000,000, currently drawn in full, and (iii) the bullet loan agreement entitled "Term Loan Credit Agreement" dated 19 November 2015 entered into by CGG Holding (U.S.) Inc. for an initial amount of USD 342,122,500, the outstanding amount of which is approximately USD 337,846,000.

Financials and Investment News in France >>

Norway >>  9/18/2020 - PGS ASA informed in its Q2 and preliminary first half 2020 results presentation that the Company was in negotiations with its lenders to preserve liqu...
Australia >>  9/17/2020 - The Australian Government announced new long term funding and an expanded focus for the Australian Renewable Energy Agency that will secure its future...

United Kingdom >>  9/17/2020 - Union Jack Oil plc, a UK-focused onshore hydrocarbon production, development and exploration company, is pleased to announce that it has raised £7 mil...
Namibia >>  9/16/2020 - Global Petroleum Limited is pleased to announce that it has successfully raised £1,327,500 million in aggregate before costs (the “Placing”), through ...

Falkland Islands >>  9/15/2020 - Rockhopper Exploration, the oil and gas exploration and production company with key interests in the North Falkland Basin, is pleased to announce its ...
United Kingdom >>  9/15/2020 - Seadrill Limited has entered into forbearance agreements with certain creditors in respect of the group's senior secured credit facility agreements, s...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


France Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 |

More News

Related Links

Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.