September 14, 2017 / 7:37 AM / 2 years ago

CGG bondholders launch legal action against bankruptcy process

PARIS, Sept 14 (Reuters) - French investors owning bonds in oil services group CGG, which filed for bankruptcy in June, said they had launched a legal action to protest against the move.

The legal action was launched by Schelcher Prince Gestion, HMG Finance, La Financiere de l’Europe, Keren Finance and Delta AM.

CGG, which has debts in excess of $3 billion, could be one of the biggest corporate restructurings that France has seen in years, and the company was also the subject of bid speculation last month.

CGG, which specialises in geo-seismic surveys, struggled to keep up with payments on its debt as the big oil groups that use its services proved reluctant to lift exploration spending despite rising oil prices. (Reporting by Sudip Kar-Gupta; Editing by Bate Felix)

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