CGG is negotiating the conversion of its unsecured debt into equity and an extension of the secured debt maturities. The unsecured debt amounts to $1.9bn (mkt cap is €200m) and the terms of conversion are being discussed. In 2017, CGG expects operating results in line with 2016, while consensus expected an improvement. Cash flows will be less than in 2016 due to the lack in working capital improvements last year. The net debt at end-2016 stood at $2.3bn, in line with guidance. Q4 revenue
03 Mar 2017
Negotiating conversion of $1.9bn unsecured debt to equity
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Negotiating conversion of $1.9bn unsecured debt to equity
CGG is negotiating the conversion of its unsecured debt into equity and an extension of the secured debt maturities. The unsecured debt amounts to $1.9bn (mkt cap is €200m) and the terms of conversion are being discussed. In 2017, CGG expects operating results in line with 2016, while consensus expected an improvement. Cash flows will be less than in 2016 due to the lack in working capital improvements last year. The net debt at end-2016 stood at $2.3bn, in line with guidance. Q4 revenue