http://www.oedigital.com/component/k2/item/16313-cgg-gains-overwhelming-chapter-11-creditor-approval
28 replies (most recent on top)
1% pay rise in 7 years? You won't be getting jack in the next few years, so why stay?
The reason why managers are not named if you need to provide irrefutable evidence.
It doesn't matter if you are inside or outside of the company that evidence is very hard to put together.
It is however possible to give a consensus of opinion that there is very poor management of a centre such as Crawley and needs to be resolved.
Internally the employees who are managed by these people everyday know where to point the finger.
Externally for corporate management to get to hear the correct names and collate the reasons to build the big picture is near impossible as there is no mechanism (or will to put a mechanism) in place in so that this of level employees feel safe to give their opinion.
Such a mechanism would be blocked or the message abused by the managers between the 2 groups.
You ask for an explanation outside 'incompetent management'. Sorry, I don't think there is one. In the end thats is what it comes down to. The COMEX (exec committee) are terrified of the unions and would not dare challenge them. What is that if not incompetent? You have been losing 'bilions' - deal with it!
Can someone please explain (other than incompetent management) how CGG can be over $2 billion in debt,? It didn't just happen overnight. Were they all too busy patting each other on the back for a job well done and didn't see the big picture?
I realize that many of the stakeholders are used to high risk/ high gain ventures but agreeing to convert debt to equity only makes sense if there's a "reasonable" chance of success. Right now, under Chapter 11, they stand to make pennies on the dollar ; if they go for this "financial restructuring plan", they have to be hoping for a miracle.
Is this about protecting French union jobs?
This is a clear warning that even if the investors vote in favor of the restructuring plan it doesn't mean that the company is out of the hook. In contrary, the company may face more financial problems because of the sustaining low market activities especially in the seismic sector due to low price of oil. In order for CGG to survive it needs a booming in the marine acquisition of seismic data. This won't happen in the near future and most likely in the long future. Other sections of CGG are unable to make enough money and in fact they are currently losing money and started to become burden on the company. Unfortunately, the investors are going to lose most of their money in both cases whether the company slides into Chapter 7 or survives. However, they realize that the future is dim for the company but they will vote in favor of the plan in a hope that a miracle may happen.
Latest independent appraiser: "The Group's continuation as a going concern is contingent on:
A recovery in business and an improvement in margins, in accordance with Management's Business Plan forecasts; and
At least a partial refinancing in the future to meet payments falling due with respect to the non-equitized Secured Debt and the unsubordinated second lien New Notes to be issued."
So as it stands CGG only has to improve on margins and face another refinancing. This for a company that has never made money in seismic even in the good times and only ever made money from Sercel equipment sales. Who is buying equipment?
'If' they get through this, then the next stage will be quick and painless! If you can't make money you ain't going nowhere.
Saying: 'A fool and their money are soon parted'
what galls me is those who were treated so badly by crw management and personel do not name them. if u have left cgg and what u claim happened they cant sue u for libel-slander
bring on the names............................................
Post ID: @PBlXLyY-aqgu I agree with you. Every person that was make redundant dare happier then the people WHO stayed.
One pay raise ( maybe 1% ) in the last seven years! And management was patting themselves on their backs, somehow thinking that everybody was putting in that 110% effort because of their "great" motivational speeches! It was a running joke. Layoffs were illogical and political. So now they're positioned for a "recovery" that will never happen with unqualified and clueless managers.
Correct Jean-George is packing his parachute right now.
He is not the only one: Upper management will be replaced in the near future.
The last commenter is correct. Even if you decide to stay, it's hardly if you are going to get a pay rise in the next few years is it?
Get out of seismic & go & do something else with your life. If you stay then good luck but as George Orwell in 1984 said "a picture of the future, imagine a boot stamping on a human face — forever"
If you're let go from your CGG job, stop feeling sorry for yourself, accept that fact and move on with your life. It's kinda like being released from an insane asylum that's scheduled for demolition. I'm sure that Jean-George is packing his parachute right now.
WOULD ANY OF THE PEOPLE TO HAVE FOUND A WHOLE NEW WORLD AFTER CGG CARE TO SHARE ?????????????????//
I got canned by CGG and it's the best thing ever. Once the shock had gone I saw loads of opportuinties and now work for a company that actually cares. Don't fear the reaper!
I have a quick question for you @PBlXLyY-7jwu :
"A life after CGG" can cause hallucinations, right?
where is this good life you speak of?
i have have searched for jobs in my field in crawley and there is nothing advertised
There is a life after CGG, a very good life.
ALL DOWN TO SHAREHOLDERS NOW ON 31ST OCTOBER
OUR LIVES ARE LITERALLY IN THEIR HANDS !!!!!!!!!!!!!!!!!!!!!!!!!!!!!
https://lerevenu.com/bourse/ag-2017-de-cgg-actionnaires-et-obligataires-donnent-de-la-voix-22
I lost my job in Crawley so I know what it is like, hr were terrible.
Some of my colleagues who also lost their jobs have gone on to do something totally different. I will probably have to do the same as money is running out.
I want you to know someone cares. CGG was my first job after university, my past 6 years in the seismic market. Now I am out of job, for almost 3 months. It is always hard to get started again and get back on the horse, specially with the current flat market with the seismic saturated CV.
I should admit that I didn't care to much when my colleagues had been laid off last year or the year before. It was like "someone else's child" to me. I was wrong." A man can only admit when he was wrong". Well my words It doesn't change anything either.
Just a Few months ago HR treated me like crap as well, perhaps management treats them like crap too. Perhaps It is a loop. I don't know. Losing job is personal for me not for them.
Being unemployed has been the most difficult, most devastating part of my life and I wouldn't wish it on anyone. I hope CGG people can keep their jobs than.
Nobody cares is what Crawley HR and management relies on.
When its the roof over your head on the line
When you have to find money for food
....
Then you will care, but already it will be to late.
CGG are not out of the woods yet. Check the maths. Of the 500M a lot of it is tied up in the deal to save the company leaving enough cash for 2 quarters at the current burn rate, that is not long. The industry is predicted to stay flat, so just where are CGG going to make the savings... It will be Crawley HR and management cutting again.
Or worse, why does CGG need 2 capital offices in Europe France and London.
CGG wont be able to do the same get out of jail trick twice.
See you at the food bank.
Nobody cares
I was shafted by Crawley management and HR
What you realise no does not have the courage to stand up to this and pretend to be your friend but when push comes to shove they want to survive until their time comes
All we can hope for is at some point Crawley management and HR get what they deserve
Actually Crawley HR didn't care.
They treated those losing there jobs like s@%t off there shoe.
They were supported by Crawley management in this behaviour.
It was humiliating and degrading and those that survive similar do not care about how others were treated as they can pay their bills.
Find one person in Crawley who had guts to stand up against the treatment of their colleagues and then look at the hundreds who were too scared to care.
No one in Crawley showed what caring truely means.
RE: @PBlXLyY-ext
MANY OF US DO CARE........ WE CARE ABOUT OUR JOBS.......WE CARE ABOUT PAYING THE BILLS......WE CARE ABOUT OUR CLIENTS.......WE CARE ABOUT THEIR JOBS......WE CARE ABOUT THEIR FAMILIES PAYING THE BILLS. X
Who cares
Mr. Malcor, is that you?
Survived, that's all. No thriving yet by a long shot. Shareholders are in for a massive haircut (yes, even more) and there are still plenty of opportunities for this to fail, as has been described elsewhere on this site. Good luck to everyone.