Linklaters is advising the CGG group, a leading geosciences services provider, and its Paris and NYSE-listed parent company, CGG S.A. (“CGG”) on one of the largest ever restructurings of a French listed company. The multi-jurisdictional structure of the group, the number of stakeholders involved and the size and variety of the financial debt being treated also make it particularly complex.

Linklaters is acting as counsel to the CGG group in France and the United States (among other jurisdictions) in connection with a global restructuring of approximately $2.9 billion of its gross financial debt through the equitization of 100% of the group’s approximately $1.95 billion gross unsecured bond debt and the refinancing of up to approximately $810 million of the group’s existing gross secured loan debt. In addition, as part of this restructuring, which should be implemented by the end of February 2018, CGG will raise new money through a rights offering and the issuance of new bonds.

It is the first time that such a complex restructuring process has been conducted simultaneously in France and in the United States. The process involves French safeguard proceedings opened in respect of CGG (and recognized in the United States through U.S. Chapter 15 proceedings) and U.S. Chapter 11 proceedings commenced in respect of 14 of CGG’s direct or indirect subsidiaries organised in various jurisdictions outside of France.