French Oil Services Co. Gets Nod For Ch. 11 Plan

Law360, New York (October 10, 2017, 8:48 PM EDT) -- French oil services firm CGG received approval from a New York bankruptcy court on Tuesday to implement a Chapter 11 plan designed to restructure nearly $3 billion worth of debt after resolving a last-minute objection raised by the U.S. trustee’s office over executive compensation disclosures.

CGG Holding (U.S.) Inc., a geoscience service provider and equipment manufacturer for oil and gas exploration and production companies, received the go-ahead to implement a prearranged restructuring plan to equitize almost $2 billion worth of unsecured debt after U.S. Bankruptcy Judge...
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