CGG French safeguard plan approval recognized by U.S. court

By Caroline Salls

Pittsburgh, Dec. 21 – CGG announced Thursday that the U.S. Bankruptcy Court for the Southern District of New York recognized a ruling of the Commercial Court of Paris approving the company’s safeguard plan.

According to a news release, the U.S. court’s recognition order, which was made as part of CGG’s Chapter 15 bankruptcy case, 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 this order marks the final U.S. in-court milestone before the financial restructuring of the CGG group that is to take place by Feb. 28 can be implemented.

CGG is a Paris-based manufacturer of seismic equipment and a provider of geoscience services. The company filed bankruptcy on June 15, 2017. Its Chapter 11 case number is 17-11637, and the Chapter 15 case number is 17-11636.

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