Geophysical Solutions Company Geokinetics Emerges From Chapter 11 in Delaware

The second modified joint plan of reorganization of Geokinetics Inc. became effective on May 10, and the company has emerged from Chapter 11 protection (In re Geokinetics Inc., Bankr. D. Del., No. 13-10472 (KJC)).

A press release issued on the effective date indicates that pursuant to the plan, the debtor’s “$50 million secured credit facility was repaid in full, the $300 million (plus accrued and unpaid interest) of the [c]ompany’s senior secured notes was converted into a new class of common stock of the reorganized [c]ompany and allowed general unsecured claims were either paid in full upon the ...