Ion Enters $175M Joint Venture To Slash Debt Load

Law360, New York (October 27, 2009, 6:01 PM EDT) -- In a bid to reduce its long-term debt load, Ion Geophysical Corp. has entered into a $175 million joint venture agreement and debt restructuring plan with Chinese geophysical services provider BGP Inc. that will create a new seismic testing services outfit for the energy industry.

Under the terms of the deal, which was announced Friday, BGP will hold a 51 percent stake in the new joint venture while Ion will take on 49 percent of the venture. BGP will also receive 23.8 million shares of Ion...
To view the full article, register now.