PGS commences US Chapter 11 case News
// August 1, 2003
Petroleum Geo-Services ASA (PGS) has announced that as the next step in its ongoing restructuring efforts, the company voluntarily filed a petition for protection under Chapter 11 of the US Bankruptcy Code in the US Bankruptcy Court for the Southern District of New York.
The filing is an important development in the restructuring process which, as previously announced on June 18, 2003, is intended to, among other things, maximize recovery to stakeholders of the company and provide a solid capital structure, aligned withprojected future cash flows that can support the company's future business development.
The filing follows a previously announced agreement with a majority of both the company's banks and bondholders and its largest shareholders whereby they have agreed to support the company's Plan of Reorganization in the Chapter 11 case.
This case will be at the parent company (PGS ASA) level only and will not involve the company's operating subsidiaries, which will continue full operations.
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