French geosciences giant CGG has filed for bankruptcy as part of financial restructuring process to reduce its $3 billion debt. "CGG has begun legal processes to implement a comprehensive pre-arranged restructuring, with the opening of a safeguard proceeding in France and Chapter 11 and Chapter 15 filings in the US," said a statement from the company. CGG has executed the legally binding agreements in support of the terms of the agreement-in-principle with key financial creditors announced earlier this month. "CGG will continue normal business operations during this process, and the restructuring transactions will not affect relationships with our clients, business partners, vendors or employees," Chief Executive Jean-Georges Malcor said in a statement.