Ion Geophysical Faces Pushback Over Bankruptcy Plan, Sales

Seismic mapper Ion Geophysical Corp. is facing a wave of creditor pushback over its plan to sell off pieces of its business and wind down in Chapter 11, including objections from the governments of India and Barbados.

Ion is seeking court approval this week for a bankruptcy plan that aims to compensate creditors through the distribution of proceeds from five separate asset sales, valued in the aggregate at more than $55 million. But several told the US Bankruptcy Court for the Southern District of Texas in a flurry of filings Monday that the plan and sale agreements should be rejected ...