Seismic Data Co. Files Ch. 11, To Be Bought By Competitor
By Alex Wolf (June 27, 2018, 8:24 PM EDT) -- Oil industry servicer Geokinetics Inc. dove quickly into administering a bankruptcy case focused on selling the seismic data gathering business to competitor SAExploration Inc., securing access Tuesday to $8 million in post-petition financing just a day after filing for Chapter 11 for the second time.
A Texas bankruptcy judge swiftly authorized Houston-based Geokinetics to use up to $8 million from a $15 million debtor-in-possession loan facility offered by funds managed by Whitebox Advisors LLC and Highbridge Capital Management LLC, stakeholders in the proposed stalking horse bidder. The cash injection is being provided to allow the company to continue operations and allow...
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