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Global Geophysical files for bankruptcy protectionMarch 26, 2014
HOUSTON (AP) — Global Geophysical Services Inc., which provides seismic data to oil and gas companies, has filed for Chapter 11 bankruptcy protection.
CEO Richard White said in a statement late Tuesday that the Houston company has been burdened with "significant debt" incurred over the last several years.
White said Global Geophysical Services has been in talks with its lenders and bondholders to start exploring methods to improve its liquidity.
"We are beginning the process of developing a consensual financial restructuring plan that will reduce the company's debt and align our financial profile with the strength of our operations," he said.
White added that Global Geophysical Services has a strong backlog and is seeing increased demand for its services.
Global Geophysical Services filed for bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Texas, Corpus Christi Division. It has asked for authority to continue to support its international operations and plans to pay suppliers in full under normal terms for goods and services provided after the Tuesday filing date.
The company's subsidiaries outside the U.S. were not included in the filing.