Investment banking company Imperial Capital and restructuring advisory firm Winter Harbor acted as financial advisors to SAExploration in the company’s Chapter 11 emergence and financial restructuring.
As a result of its plan of reorganization, SAExploration reduced its debt by approximately $74 million.
Porter Hedges acted as legal counsel to SAExploration, while Paul, Weiss, Rifkind, Wharton & Garrison acted as legal counsel to the ad hoc group of certain consenting creditors in connection with the Chapter 11 cases.
Upon emergence from Chapter 11, SAE entered into a $15 million first out term loan facility with certain of its existing lenders, refinanced its prior credit facility with a new $20.5 million second out term loan facility with the existing lenders and eliminated $89 million of principal and interest with respect to its prior senior loan facility. All equity outstanding prior to the reorganization was extinguished at emergence, with new equity being issued to certain of the company’s existing lenders.
“We are very pleased to have completed this efficient and consensual reorganization, and we look forward to working with our stakeholders and newly-appointed board members as a private company,” Michael J. Faust, CEO of SAExploration, said. “I would like to thank our customers, vendors and our employees whose dedication, patience and hard work have been exceptional throughout. Our significantly improved balance sheet and increased capital will put us in an excellent position to compete while providing the highest quality of service. Our focus on safety and environmental stewardship will remain at the forefront of our business.”
SAE is an international oilfield services company.
