Geokinetics Plans Ch. 11 Filing To Shed $300M Bond Debt

Law360, Wilmington (January 16, 2013, 5:51 PM EST) -- Geokinetics Inc., a provider of seismic data to the oil and gas industry, announced Tuesday that it will file for bankruptcy in Delaware after cutting a deal to turn the company over to bondholders owed $300 million.

The Houston-based company said in a statement that it has entered into a restructuring support agreement with holders of more than 70 percent of its senior secured notes, along with its largest preferred stockholder, who have agreed to vote in favor of a reorganization plan to be submitted to...
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