Thread regarding CGG Veritas layoffs

bankruptcy??

My former boss resigned after 15 years with CGG. He will join TGS soon. He said , CGG has fallen and will formally declare bankruptcy in a coming months!

Is it true? I thought they managed to get some cash from somewhere for chapter 11 !

by | Post ID: @RCcdk5n
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7 replies (most recent on top)

It seems true. CGG is a sinking ship, and folk decide to get off one by one, except Management . Apparently only french staff are safe.

by | Post ID: @RCcdk5n-5rmo

I think your former boss may told the truth. CGG stocks did not drop that much (>30%) in one day even when they filed for Chapter 11 bankruptcy protection.

by | Post ID: @RCcdk5n-1ysk

Still 1c higher than historical low, lol.

by | Post ID: @RCcdk5n-1fqv

Why CGG stocks dropped 31% at NY stock exchanges this morning?

by | Post ID: @RCcdk5n-1bvt

"We expect some hard decisions ahead and possible sell-offs of business interests."

Who is 'we'? You and your other friends by the coffee machine making guesses and pretending to be important?

by | Post ID: @RCcdk5n-1alp

During this month they should secure $500m cash to move on. Some of this is from high yield bonds (otherwise known as junk bonds) and some from new shares. They have to hold a large portion back in order to pay the high yield. The money they are free to use will not last long. CGG know this and have already indicated they will need further restructuring mid 2018. French safeguard is very important so they will continue to meet their obligations in France. We expect some hard decisions ahead and possible sell-offs of business interests.

by | Post ID: @RCcdk5n-1ubp

........On December 21st, the US court approved CGG’s Chapter-15 foreign representative’s request for recognition and enforcement of the company’s French safeguard plan. This was the last in-court step of CGG’s global restructuring process.

by | Post ID: @RCcdk5n-nos

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