Thread regarding CGG Veritas layoffs

How is CGG's first quarter of 2017 doing?

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CGG's elects not to pay interest on senior notes due 2020; enters grace period - See more at:

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What about CGG ethical standards?

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This is not a big surprise (after Q1 presentation last week)

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Upper management should be replaced ASAP.

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It is obvious that CGG is unable to pay $12.4m on due date (May 15) because most likely are short on cash. Instead, they will try to pay it during the 1 month grace period. In order to come up with the money they need among other things to either lay off people or close more offices.

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Yahoo finance now has market cap at $129.4 million, so it was a 'glitch'. Might as well be 0 with almost $3 billion in outstanding debt.

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CGG opened down 10%, then dropped to -12% and is now -15%. I checked on Yahoo finance and the market cap is listed as 0. Is this a 'glitch' on Yahoo? Does not look good at all. A possible bankruptcy reorg might be in the cards, so to speak.

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If they don't have enough cash to pay $12.4m on time. It means they are really broke!!

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CGG is negotiating with creditors on a debt for equity swap of approximately $2.0 billion (including accrued interest) of Senior Notes and Convertible Bonds. This will result in significant dilution to shareholders and/or other investors in the Company's capital structure. CGG has an interest payment of approximately $12.4 million due on May 15, 2017 in respect of its 5.875% Senior Notes due 2020. CGG has decided not to make this payment and use a 30 day grace period during which it retains the right to make this payment. Failure to make this payment by the end of the grace period will result in an "Event of Default". CGG believes it has sufficient liquidity to meeting all of its obligations during the grace period.

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The Paris-based company said it had a loss of $6.51 per share.

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Some additional info. As of March 31, 2017, out of $2662.8 million of financial debt classified as current liabilities, US $61.9 million has a maturity of less than 12 months.

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CGG Q1 2017, revenue = $249 million, net profit = - $145 million. Q1 2016 net = -$129.7 million, Q4 2016 net = - $279.8 million. From TheStreet.com website: The Group is, however, facing material uncertainties that may cast substantial doubt upon its ability to continue as a going concern, including likely future non-compliance of certain ratios included in maintenance covenants, and other limitations contained in the outstanding (drawn) Revolving Credit Facilities and the Term Loan B. (Paraphrasing Here): If such non-compliance were to occur, it could trigger the immediate acceleration of repayment of substantially all of CGG' s senior debt. CGG would not have sufficient cash liquidity to fulfill these obligations, nor would be in a position to refinance its debt. You all can draw your own conclusions.

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Net income (145.1) !!!!!

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PGS Q1 2017 announced this morning, -100+ Mill USD loss in Q1 (worse than expected).

CGG Q1 will be announced tomorrow!!!

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I believe it would be worse than Q4 since no major projects or significant sale were reported by CGG.

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Cant wait 6 days? Neither can I.

At the time of writing, WTI crude oil is $46 per barrel, and its only hope is Saudi Arabia's supply limiting agreement.

If things continue like this until the end of the year, the Q2 and Q3 results won't be that great.

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