Bankrupt French Oil Services Co. Gets Interim Payments OK'd

Law360, New York (June 16, 2017, 5:20 PM EDT) -- A New York bankruptcy judge on Thursday granted several initial interim orders in favor of French oil services firm CGG after it filed for Chapter 11 bankruptcy to deleverage a balance sheet by nearly $2 billion, allowing the company to continue operations for the time being.

CGG Holding (U.S.) Inc., a geoscience service provider and equipment manufacturer for oil and gas exploration and production companies, commenced bankruptcy proceedings in the U.S. and France on Tuesday with just shy of $2.9 billion in total funded indebtedness, of which $810 million is backed by a secured lien. To deleverage, the company is looking...

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