A rebel shareholder in CGG has attempted to convene meetings that he claims would authorize him to lodge third party appeals against the ruling approving CGG group’s ‘safeguard plan’ of 24 November 2020.
A rebel shareholder in CGG has attempted to convene meetings that he claims would authorize him to lodge third party appeals against the ruling approving CGG group’s ‘safeguard plan’ of 24 November 2020.
On 1 February Jean Gatty published in the Bulletin des Annonces Légales Obligatoires two notices convening the general meetings of holders of convertible bonds (Oceanes) 2019 and 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.’
CGG said that Gatty had also informed it that he had filed, through JG Capital Management, a 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 destabilization attempts from Mr Gatty, including filing a complaint for slanderous denunciation,’ the company said in a statement.
