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ION Geophysical Files For Chapter 11 Bankruptcy Protection

April 12, 2022 — 10:25 pm EDT

Written by RTTNews.com for RTTNews

(RTTNews) - ION Geophysical Corp. (IO) said that it has filed for voluntary Chapter 11 relief in the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division as it explores a value-maximizing transaction that will strengthen the company's balance sheet and position ION for sustained future success.

ION entered into a Restructuring Support Agreement with the lenders under its Credit Agreement and holders of approximately 80% of its 2025 Notes, whereby the parties agreed to support the Company's Chapter 11 plan of reorganization.

The company has also secured $2.5 million in debtor-in-possession financing that, along with normal operating cash flows, should support operations during the process. Therefore, ION expects to continue delivering excellent service quality with little to no expected disruption to clients, ION Geophysical said in a statement.

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