Everyone who is still working at CGG should have a look at this article.
http://www.bankrate.com/finance/personal-finance/surviving-a-workplace-bankruptcy-1.aspx
Surviving a workplace meltdown
Tidy up your own financial house
Tie up loose ends with your company
Protect your retirement
Decide whether to stay on
Grieve -- then, start again
Wise advice.
But take up of the New Instruments (second lien senior notes...subscribed by the existing bond holders hoping to get the 8.5% PIK + the warrants (x amount of shares in the new CGG) ) appears very high at 86%. It just goes to show that the bond holder community has a healthy appetite for this high risk offering. The existing shareholders will be left with practically nothing - but they would get nothing if it all went under anyway, so stuff 'em. If it all goes to CGG's plan then they only need to meet the 8.5% out of the lots of wonderful new money they will make - which will be a first, considering all they have ever done is lose money. So I guess there must be a magic money tree we don't know about - because each month they have got to meet the costs of operations which must include a payroll in the region of $20m.
Rabbit, meet the hat. Stay quiet until I pull you out at the drum roll! The bond holder audience will only realise their wallets have been emptied after the end of the show. After that, I'm afraid we are fresh out of tricks.