CGG: CGG challenges the new attempt to destabilise and question the safeguard plan closed by ruling of the Paris Commercial Court dated 24 November 2020
CGG challenges attempts to destabilize its safeguard plan. The company denies initiating a publication concerning general meetings of holders of convertible bonds, which was instead done by former representative Jean Gatty. CGG asserts that these bonds have been fully repaid by conversion into shares, rendering the meetings invalid. Furthermore, Gatty has filed appeals against the safeguard plan, but CGG contests his claims. The company plans legal action against these destabilization attempts, including a complaint for slander.
- CGG confirmed full repayment of Oceanes 2019 and 2020 bonds as share conversions, reinforcing its financial stability.
- Jean Gatty's continued legal challenges could create uncertainty for investors.
- The company may incur additional legal costs due to ongoing disputes.
CGG challenges the new attempt to destabilise and question the safeguard plan closed by ruling of the Paris Commercial Court dated 24 November 2020
Paris, France – February 12, 2021
CGG confirms that it did not initiate the publication on 1st February 2021 in the Bulletin des annonces légales obligatoires of two notices convening the general meetings of holders of convertible bonds (“Oceanes”) 2019 and 2020. This publication was in fact made by the former representative of each body of Oceane noteholders (“mass”), Mr. Jean Gatty.
The purpose of these general meetings would be to authorise him to lodge third party appeals against the ruling closing the CGG group's safeguard plan dated 24 November 2020.
CGG challenges the validity of holding these meetings and of any decision that may be taken in this context. In reality, the Oceanes 2019 and 2020 have been repaid by conversion into CGG shares on 21 February 2018 as part of the implementation of the safeguard plan, which is now final. Therefore, the Oceanes 2019 and 2020, as well as the corresponding masses of bondholders, no longer exist.
Furthermore, it turns out that the third-party appeals have already been filed against the safeguard plan exit ruling by Mr. Jean Gatty not only in his capacity as former representative of each mass of Oceanes, but also as director of JG Capital Management, a management company of JG Partners, a holder of Oceanes 2019 and 2020, whose claims have been repaid in full like the other creditors. CGG firmly challenges this new attempt at destabilisation of the group from Mr. Jean Gatty.
As part of his continued manoeuvres, Mr. Jean Gatty also informed the CGG Group that he had filed, through JG Capital Management, a simple complaint on 2 February 2021, relating to the terms of the group's financial restructuring approved in 2017.
CGG entirely rejects the allegations contained in this complaint and intends to take all necessary legal action against these new destabilisation attempts from Mr. Jean Gatty, including filing a complaint for slanderous denunciation.
About CGG
CGG (www.cgg.com) is a global geoscience technology leader. Employing around 3,700 people worldwide, CGG provides a comprehensive range of data, products, services and solutions that support our clients to more efficiently and responsibly solve complex natural resource, environmental and infrastructure challenges. CGG is listed on the Euronext Paris SA (ISIN: 0013181864).
Contacts
| Group Communications & Investor Relations Christophe Barnini Tel: + 33 1 64 47 38 11 E-Mail: christophe.barnini@cgg.com |
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FAQ
What is CGG's response to the attempts to destabilize its safeguard plan?
Who initiated the general meetings of the convertible bondholders?
What is the status of the Oceanes 2019 and 2020 bonds?
Has CGG filed any legal complaints regarding these issues?
