http://uk.practicallaw.com/1-501-6905#
See section 6.
6 replies (most recent on top)
what does that mean? they repay the $8m and get on with it?
http://www.cgg.com/en/Investors/Press-Releases/2017/02/Execution-of-Supplemental-Indentures
more layoffs are coming.
"Small value" (I'm not agree):
http://www.cgg.com/en/Investors/Press-Releases/2015/12/Final-Exchange-Offer-Results
I think
It means the majority of the debtholders are willing to let CGG appoint an "ad hoc agent", who will try to come to an agreement between the shareholders and debtholders.
This part is more interesting
CGG also announces the extension of the consent solicitation and the
Revocation Deadline in respect of its 2017 Notes (the "2017 Notes Solicitation
Extension"). The 2017 Notes Solicitation Extension will expire at 5:00 pm New
York City time on February 22, 2017. As of 5:00 pm New York City time on
February 17, 2017, CGG had received the consent of holders of approximately
16.3% of the aggregate principal amount ($8,319,000) of the 2017 Notes.
This is a small portion of the debt, but the debtholders seem unwilling as only 16.3% are in favour, that seems a very low %, I assume because it is due soon and of a small value, so dont wish to take a haircut.