October 21, 2003
Willkie client Petroleum Geo-Services ASA win approval for a reorganization plan that containing an unusual provision requiring shareholders to back the proposal.
On October 21, Willkie client Petroleum Geo-Services ASA won approval for a reorganization plan that contained an unusual provision requiring shareholders to back the proposal. Partner Paul Shalhoub told The Daily Deal that a Judge in the U.S. Bankruptcy Court for the Southern District of New York okayed a first amended plan permitting PGS to emerge in two weeks. The Oslo-based marine seismic exploration company plans to begin a rights offering that allows shareholders to purchase stock for cash. PGS would slash its $2.5 billion debt to $1.3 billion by converting unsecured bank and bond debt into new debt and a majority ownership stake in the reorganized company.