Geokinetics Enters Ch. 11 To Slash $300M Bond Debt

Law360, Wilmington (March 11, 2013, 1:31 PM EDT) -- Geokinetics Inc., a provider of seismic data to the oil and gas industry, filed for bankruptcy Sunday in Delaware with a reorganization plan in hand to shed $300 million of bond debt.

The Houston-based company — which listed only $12.1 million of assets against $350.7 million of debt in its petition — said in a statement that it expects to breeze through the Chapter 11 process in 45 days.

"Today we have taken a decisive step to strengthen our balance sheet and emerge a stronger company...
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