Expect things to start happening when the CGG stock price drops below $7.
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A bunch of incompetent and short-sighted managers run CGG to the ground. From CEO to Vice president to director to team leads.
Paris CGG (-7.35 %) today.
New York / NYSE -(6-7% this morning).
Bankruptcy next as far as I understand.
Q4:
Net Income at $(280)m
5,800 employees
USD lost per day per employee; $280.000.000/5.800/90days = ......... USD per day per employee
For most employees it's hard to understand this (on top of that, upper management is still the same).
If you still work for CGG, read the last part (Q&A):
http://finance.yahoo.com/news/edited-transcript-cgg-pa-earnings-191008377.html
If you were a creditor, would you do a debt for equity swap? 2017 is projected to be the same as 2016. Bring in an entire new management team, strip off all the fat and sell the remnants to a another company or hedge fund.
Why would creditors agree to become shareholders ? Shareholder value is being destroyed at an astonishing rate for the past decade (not just the past 3years) and is accelerating downward.
Given the opportunity they will get out with whatever they can. Stock price heading to zero. Malcors taking this dog right through to chapter 7.