CGG cut ~$2B of debt in a 2017 restructuring, then grew 2023 revenue 21% as Viridien

CGG, the French geophysical-services group, was crushed by the post-2014 oil-price crash while carrying more than $3 billion of debt. On June 14, 2017 it began a coordinated restructuring: a French sauvegarde proceeding for the parent and a prearranged Chapter 11 for material U.S. subsidiaries.

Following a lock-up agreement with creditors holding about 53.8% of secured debt and 52.4% of senior notes, the plan was overwhelmingly accepted. It converted unsecured debt into equity, raised $500 million via a rights issue and new notes, and upon emergence eliminated approximately $1.95 billion from CGG's balance sheet.

The lighter company refocused on seismic imaging, digital and new-energy services. Its Q4/FY2023 results, announced in March 2024, showed segment revenue of $1,125 million, up 21% year on year, with positive organic cash flow — before the company renamed itself Viridien in 2024.

The plan eliminated ~$1.95B of debt and equitized unsecured claims; by 2023 segment revenue was $1,125M, up 21%, with positive organic cash flow as the renamed Viridien.

>$3B of debt was unsustainable after the oil crash.

Creditors accepted a debt-for-equity plan overwhelmingly.

~$1.95B was eliminated upon emergence.

2023 revenue grew 21% to $1,125M; cash flow positive.

A balance-sheet fix differs from an operating fix: CGG's restructuring cleared ~$2B of debt, and its seismic and digital businesses compounded — 2023 revenue grew 21% with positive cash generation.

As Viridien, the group positioned itself across energy-transition, digital and defense markets, using the post-restructuring balance sheet to fund growth. The 2017 deal is a standard cross-border example: French sauvegarde plus U.S. Chapter 11 used together to reset a global balance sheet.