Ion Geophysical Creditors Call Restructuring Plan 'Troubling'
10 5월 2022 - 8:12AM
Dow Jones News
A committee representing Ion Geophysical Corp. unsecured
creditors said Monday they are concerned the seismic-mapping
software's senior lenders are unfairly steering its chapter 11
restructuring.
Lawyers for the committee said during a hearing in the U.S.
Bankruptcy Court in Houston that it would allow Ion to proceed with
its restructuring but said unsecured creditors intend to challenge
its chapter 11 restructuring plan unless the company agrees to make
changes to it.
Gregory Pesce, a lawyer for the committee, said the plan will
need to be revised before U.S. Bankruptcy Judge Marvin Isgur
considers approving the restructuring plan, which will hand control
of the business to junior bondholders.
The committee said in a court filing last week that it believes
Ion's bankruptcy case is being steered by a group of bondholders
including hedge fund manager Gates Capital Management Inc., which
also owns equity in the company.
Ion filed for chapter 11 protection in April citing budget cuts
by its oil-and-gas drilling clients.
Write to Jonathan Randles at jonathan.randles@wsj.com
(END) Dow Jones Newswires
May 09, 2022 18:57 ET (22:57 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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