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ION Geophysical Corporation (NYSE:IO) has secured a contract for its Gemini Enhanced Frequency Source technology for a Wide Azimuth 3D acquisition in the Mediterranean Sea. This deployment will utilize Gemini 8,000 cubic inch sources over approximately 60 days. Executive Vice President Ken Williamson noted the selection by a supermajor reflects the growing industry demand for innovative acquisition solutions. With this project, Gemini's source capacity is expected to be fully utilized throughout summer, demonstrating its reliability and environmental benefits.
ION Geophysical Corporation (NYSE:IO) announced on May 18, 2022, that it received a notice from the NYSE to start delisting its common stock due to insufficient market capitalization, which fell below the required $15 million over 30 trading days. As a result, trading of the stock was suspended on the same day, and it is expected to be quoted on the OTC Expert Market. The company is currently facing challenges related to its financial position and market conditions.
ION Geophysical Corporation (NYSE:IO) completed reprocessing over 62,000 km of legacy seismic data from Colombia's National Hydrocarbon Agency as part of its Colombia Caribe 2D program. This initiative aims to enhance offshore exploration by improving data quality and reducing costs and risks for operators. The project included 18 surveys from 1982 to 2014, contributing to basin-wide coverage. The program was financially supported by industry investments, with final deliverables now available.
ION Geophysical Corporation (NYSE:IO) announced receiving a notification from the NYSE regarding its non-compliance with continued listing standards due to a late filing of its Form 10-K for the year ended December 31, 2021. This delay follows the company’s voluntary Chapter 11 filing on April 12, 2022. The NYSE will monitor the company’s filing status for six months, potentially allowing an additional six-month trading period. Currently, a 'LF' indicator will be attached to the trading symbol until compliance is restored.
ION Geophysical Corporation (NYSE: IO) has secured a five-year contract with Brunei Shell Petroleum for a digital solution to enhance Marine Logistics. Utilizing the Marlin™ software suite, the project aims to optimize vessel monitoring, berth management, and material supply workflows. The digitization will streamline various manual processes, improving operational efficiency and potentially reducing fuel consumption and emissions. ION's Senior VP expressed enthusiasm for the partnership, highlighting the goal of maximizing value from the investment through enhanced digital integration.
ION Geophysical Corporation (NYSE: IO) has filed for voluntary Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of Texas. This decision follows a review of strategic alternatives aimed at strengthening the company's balance sheet. ION has entered a Restructuring Support Agreement with creditors holding about 80% of its 2025 Notes to support its reorganization plan, which may involve a debt-for-equity exchange or asset sales. The company secured $2.5 million in debtor-in-possession financing to maintain operations during this period.
ION Geophysical Corporation (NYSE:IO) announced an extension of its current forbearance agreement with lenders until April 12, 2022. Over 79% of holders of its 2025 Notes have also agreed to this extension. The company is actively discussing strategic alternatives to strengthen its financial standing, which may include asset sales or a business combination. These discussions are part of a potential restructuring process aimed at maximizing stakeholder value amidst ongoing financial challenges.
ION Geophysical Corporation (NYSE:IO) announced an extension of its forbearance agreement with lenders until April 10, 2022. The company has also reached an agreement with over 79% of holders of its 2025 Notes for continued forbearance. These measures aim to strengthen ION's financial position while exploring strategic alternatives such as business combinations or asset sales. ION is actively engaged in discussions with lenders regarding restructuring options.
ION Geophysical Corporation (NYSE: IO) announced that PNC Bank has sold its loans under the Revolving Credit and Security Agreement to holders of ION’s 2025 Notes. The company entered into amendments extending the current forbearance period until April 4, 2022. ION is in discussions regarding strategic alternatives to enhance its financial standing, which may include asset sales or restructuring. These moves aim to maximize stakeholder value amid ongoing financial challenges.
ION Geophysical Corporation (NYSE: IO) has entered into a Second Forbearance and Sixth Amendment extension with PNC Bank, waiving a cross default related to a missed interest payment on its 2025 Notes due December 15, 2021. This forbearance extends through March 8, 2022. Additionally, ION has agreed with over 79% of its 2025 Notes holders to forbear from enforcing rights due to this missed payment. Ongoing discussions with PNC and noteholders are aimed at exploring strategic options to enhance financial stability, potentially involving asset sales or restructuring.
