Geokinetics files for bankruptcy relief

Geokinetics was forced to file for bankruptcy protection after it missed a $14.6 million interest payment on notes that was due in December and failed to meet the 30-day grace period note holders gave the company to make the payment. Bankruptcy forms show that Geokinetics has approximately $12 million in assets but over $350 million in debt. The company analyzes and provides data to oil and gas companies. According to the company, it has already reached an agreement with senior secured note holders to forgive $300 million in debt in exchange for equity in the restructured company.

For more read, “Geokinetics Enters Chapter 11 After Creditors Approve Plan.”

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