Lenders have accepted to disapply the maintenance covenants. CGG wishes to appoint an ‘ad hoc representative’ (mandataire ad hoc, a restructuring framework eligible when a company has not defaulted); this requires the agreement of creditors. Net debt at end-2016 should amount to $2,315m, ($2,304m in Q3), in line with guidance of below $2.4bn.
Sign up to access
Get access to our full offering from over 30 providers
Get access to our full offering from over 30 providers
Talks on debt restructuring
Lenders have accepted to disapply the maintenance covenants. CGG wishes to appoint an ‘ad hoc representative’ (mandataire ad hoc, a restructuring framework eligible when a company has not defaulted); this requires the agreement of creditors. Net debt at end-2016 should amount to $2,315m, ($2,304m in Q3), in line with guidance of below $2.4bn.