Our New York, Paris, London, and Amsterdam offices represented The Bank of New York Mellon in connection with the restructuring of international geosciences services provider CGG, one of the largest French restructurings ever. The complex restructuring was the first to successfully utilize both a French safeguard (sauvegarde) proceeding as well as chapter 11/chapter 15 bankruptcy proceedings in the United States.  Under the restructuring, the total debt of CGG and its subsidiaries was reduced from approximately $2.8 billion to approximately $1.2 billion, consisting of both new and restructured debt.

Hogan Lovells advised BNY Mellon on all stages of the restructuring, including the out of court modification of the original debt documentation pursuant to a consent solicitation; the restructuring of CGG’s debt in the chapter 15/safeguard proceedings and the restructuring of CGG’s direct and indirect subsidiaries’ debt in the chapter 11 proceedings; and the issuance of new debt securities in the exit financing by CGG and its direct and indirect subsidiaries as they emerged from the bankruptcy/safeguard proceedings. The Bank of New York Mellon served as Indenture Trustee of the debt securities subject to the restructuring and of the new and restructured debt issued in the restructuring.

Our team was led by New York partner Robert Ripin and included New York/Paris partner Cecile Dupoux, New York partner Christopher Donoho, senior associates Patricia Ciccone and John Beck, Paris partner, Baptiste Gelpi, counsel Romain de Menonville and associate Pierre-Jean Martinez Chenard, London partner Kit Johnson and Dutch partner Wouter Jongen and deputy civil law notary Carola Houpst.