Bloomberg News

Geokinetics Files for Chapter 11 Bankruptcy in Delaware

March 10, 2013

Geokinetics Inc. (GEOK:US), a provider of seismic data, filed for Chapter 11 bankruptcy in Wilmington, Delaware.

The company (GEOK:US) cited assets of $12 million and liabilities of $351 million in the court filing.

Geokinetics, based in Houston, said in January that it reached an agreement with holders of more than 70 percent of secured notes, under which the noteholders would convert $300 million of debt to equity.

According to the accord, unsecured creditors would be paid in full through confirmation of a bankruptcy reorganization plan that was to be voted on or agreed to before the filing of a Chapter 11 petition.

Geokinetics missed a $14.6 million interest payment due Dec. 15 on the secured notes.

To contact the reporter on this story: Joe Schneider in Sydney at jschneider5@bloomberg.net

To contact the editor responsible for this story: Joe Schneider at jschneider5@bloomberg.net


The Good Business Issue
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus