Daily News: February 12, 2015

Global Geophysical Emerges From Chapter 11

Global Geophysical Services announced that it has successfully completed its balance sheet restructuring and emerged from bankruptcy, following confirmation of Global’s second amended joint Chapter 11 plan of reorganization by the U.S. Bankruptcy Court for the Southern District of Texas, Corpus Christi Division, on February 6, 2015. Alvarez & Marsal North America served as restructuring advisor.

“Our emergence from Chapter 11 marks the start of a new chapter for our company,” said Richard White, Global Chief Executive Officer. “Through this process we have reduced our funded debt by approximately $250 million and strengthened our capital structure. Our new financial profile provides a solid financial foundation to sustainably operate and grow the business. Global is moving forward as a company that is well positioned to execute on our strategic plan across all four of our service and product lines.”

The exit financing included first lien financing of $85 million, including a $25 million revolving line of credit, and approximately $32 million in second lien financing provided by a group of Global’s debtor-in-possession lenders.

Rothschild served as financial advisor and investment banker to Global. Baker Botts served as Global’s restructuring counsel. Willkie Farr & Gallagher served as counsel to the exit lender.

Global provides an integrated suite of Geoscience solutions to the global oil and gas industry.