News??? Suspension???
$ION Geophysical(IO.US$ Any idea what the suspension is about? Merger or buyout maybe? @Mcsnacks H Tupack what do you think is going on. I know they said they were considering options.
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Gold Kathy zz : Omg! Should we sell it out?
ToDaMooMoon OP Gold Kathy zz : Seems a rash action without more information.
Gold Kathy zz ToDaMooMoon OP : Hope would be good news
ToDaMooMoon OP Gold Kathy zz : Yes me too, there was talk of bankruptcy earlier in the year, but they have been looking for alternatives. This is from the announcement yesterday, if you haven't read it already. "These strategic alternatives include, among others, a sale or business combination transaction or sales of assets, any of which may be executed as part of an in-court or out-of-court restructuring process."
ToDaMooMoon OP Gold Kathy zz : I tried calling investor relations a little while ago and it was a answering service, a live person though. I'm west coast and they're in TX so they said it was after hours and to call back tomorrow
. So we'll see ..
Gold Kathy zz ToDaMooMoon OP : Sure,god bless us!
ToDaMooMoon OP Gold Kathy zz : damn, chapter 11
ToDaMooMoon OP Gold Kathy zz : It is a debtor-in-possession so they can continue operations. It's not a liquidation, so that's better at least.
CrazyEnuff : filing for voluntary chapter 11... here is the information from chartmill...
HOUSTON, April 12, 2022 (GLOBE NEWSWIRE) -- ION Geophysical Corporation (NYSE: IO) and certain affiliates (“ION” or the “Company”) today announced that, after evaluating a variety of strategic alternatives, it has filed for voluntary Chapter 11 relief in the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division (the “Bankruptcy Court”) as it explores a value-maximizing transaction that will strengthen the Company’s balance sheet and position ION for sustained future success. In connection with the Chapter 11 filing, ION entered into a Restructuring Support Agreement (the “RSA”) with the lenders under its Credit Agreement and holders of approximately 80% of its 2025 Notes, whereby the parties agreed to support the Company’s Chapter 11 plan of reorganization (the “Plan”)."
ToDaMooMoon OP CrazyEnuff : Thanks, yeah I was reading through the release. ION also received 2.5 mil in Debtor-in-Possession financing. Could be a path to recovery but the debt holders retain the right to sell off assets. I haven't read the actual court documents, how it's structured, or the reputation of the debt holders and how they've handled similar situations, if any, in the past.
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