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BULLETIN: Compagnie G?n?rale de G?ophysique to Be Supporting Shareholder in PGS Jun 03
Standard & Poors, June 2003
Abstract
PARIS (Standard & Poor's) June 19, 2003--Standard & Poor's Ratings Services said today that the ratings and outlook on France-based Compagnie G-n-rale de G-ophysique S.A. (CGG; BB/Negative/--) remain unchanged after CGG's announcement that it will take part as a supporting shareholder in the financial restructuring of Petroleum Geo-Services ASA (PGS; CC/WatchNeg/--). As a supporting shareholder with UMOE, CGG has agreed to invest a maximum of $22 million into the restructured PGS to prevent a dilution of its stake in the company. CGG's total investment may be reduced to a minimum of $5.5 million depending on the success of an offer to PGS' other shareholders, expected to be completed by the autumn of 2003. On this basis, PGS' restructuring should have...
Companies mentioned in this report are: Compagnie Generale de Geophysique - Veritas,Petroleum Geo-Services ASA
Action: S&P Event
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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