Bankruptcy News

We've summarized the latest docket activity and news for publicly traded companies currently operating under U.S. Bankruptcy Court protection.

Bankruptcy/Chapter 11

Global Geophysical Services Chapter 11 Petition, Plan Filed

Privately-held Global Geophysical Services and six affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of Texas, lead case number 16-20306 (GGS International Holdings). The Company, which provides seismic data solutions to the oil and gas industry, is represented by Ian E. Roberts of Baker Botts. Concurrent with the Chapter 11 petition, Global Geophysical Services also filed with the Court a Joint Prepackaged Plan of Liquidation and related Disclosure Statement. The Disclosure Statement notes, "The restructuring provided in the Plan and described herein (the 'Restructuring') will result in the transfer of certain of the Debtors' businesses and the liquidation of substantially all assets, after which the Debtors would cease to operate as a going concern. Additionally, it will provide for a recovery for unsecured creditors in these Chapter 11 Cases." According to documents filed with the Court, "As the Petition Date, substantially all of the Debtors' ongoing field operations have ceased, with the exception of certain work in Brazil by a non-debtor foreign subsidiary. To execute on an orderly wind down of their businesses, the Debtors employ approximately thirty seven individuals globally, including twenty individuals located at the headquarters in Houston, nine individuals located at various business units, and eight individuals assisting with operations of a Brazilian subsidiary." Global Geophysical Services' Chapter 11 petition indicates total assets between $50 and 100 million. The Company emerged from a previous bankruptcy in February 2015.

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