CGG U.S. reorganization plan accepted by majority of voting creditors

By Caroline Salls

Pittsburgh, Sept. 28 – CGG Holding (U.S.) Inc.’s plan of reorganization was accepted by a majority of voting creditors, including unanimous acceptance by two of three voting classes, according to a notice filed Wednesday with the U.S. Bankruptcy Court for the Southern District of New York.

All seven holders of $294.42 million in French revolving credit facility claims and all 45 holders of $499.78 million in U.S. secured funded debt claims voted to accept the plan.

In addition, 102 holders, or 97.14% in number, of $1,324,050,476, or 97.96% in amount, of senior notes claims and senior notes accrued interest claims voted to accept the plan, while three holders, or 2.86% in number, of $27.56 million, or 2.04% in amount, voted to reject it.

The plan confirmation hearing is scheduled for Oct. 10.

CGG is a Paris-based manufacturer of seismic equipment and a provider of geoscience services. The company filed bankruptcy on June 15. Its Chapter 11 case number is 17-11637, and the Chapter 15 case number is 17-11636.

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