Thread regarding CGG Veritas layoffs

..."Raising of up to $500 million of new money by early 2018"...

Did they achieve this? Does anybody really know?

or $500 million have not yet achieved?

by | Post ID: @Rbas1JZ
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4 replies (most recent on top)

Don't forget that most of the new cash (if they got it) is already allocated, so it leaves very little to support what is still a money losing business. The last estimate I have seen (and reported on this site) is that they will need more cash as early as this summer. This company is a massive black hole for capital.

by | Post ID: @Rbas1JZ-5owp

It seems so! We were told that CGG have got the money somehow.

From who or when, we don't know yet

by | Post ID: @Rbas1JZ-4wzj

The board of directors have given the impression to staff that they have got the money they needed.

If you have several hours to kill and a degree in accountancy then you can read more about CGG Holding (U.S.) Inc. (17-11637 on the following link.

https://cases.primeclerk.com/cgg/Home-Index

by | Post ID: @Rbas1JZ-2gka

It is a hard task and impossible to accomplish especially if things are still not going well with CGG. Up to now CGG does not have enough cash generating projects on its plate to finance their daily business. In contrary, they are razing money. Why someone wants to invest that much money if they know in advance they are going to get zero in return.

by | Post ID: @Rbas1JZ-1kpt

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