Ion Geophysical Files for Chapter 11 in U.S. Bankruptcy Court

Ion Geophysical said it filed for voluntary Chapter 11 relief in U.S. Bankruptcy Court for the Southern District of Texas.

• Entered into a restructuring support agreement with the lenders under its credit agreement and holders of ~80% of its 2025 Notes
• Plan of reorganization premised on either debt-for-equity exchange paired with potential sale of certain assets or sale of substantially all its assets
• To continue ongoing solicitation of interest in potential sale transactions
• Has also secured $2.5m in debtor-in-possession financing that should help support operations; sees little to no disruption to clients
• Advised by Winston & Strawn, Perella Weinberg Partners ...