Global Geophysical Services came out of bankruptcy after completing the restructuring of its balance sheet, the company said Feb. 10.
The U.S. Bankruptcy Court for the Southern District of Texas, Corpus Christi Division, confirmed the company’s Second Amended Joint Chapter 11 Plan of Reorganization on Feb. 6, Global added.
First-lien financing of $85 million, including a $25 million revolving line of credit, was part of the exit financing. About $32 million in second-lien financing was also part of the exit financing. It was provided by some of Global's debtor-in-possession lenders.
"Our emergence would not have been possible without the support of our lenders, whose willingness to invest in our company demonstrates their confidence in Global's prospects for long-term growth and value creation. We also appreciate the dedication of our employees, who continued to serve our customers without interruption throughout this process. Finally, we thank our customers along with our affiliates, vendors and other stakeholders for their loyalty. We believe Global is poised for renewed success and we are excited about the opportunities ahead," said Richard White, CEO.
He added that the company reduced its debt by about $250 million and strengthened its capital structure.
Rothschild Inc. was Global’s financial adviser and investment banker.
Alvarez & Marsal North America LLC was its restructuring adviser.
Baker Botts LLP was its restructuring counsel. Willkie Farr & Gallagher was the exit lender’s counsel.
Houston-based Global Geophysical Services Inc. provides seismic data and analysis to the worldwide oil and natural gas industry.
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