Global Geophysical Services Files Voluntary Chapter 11 Petitions - Quick Facts

(RTTNews) - Global Geophysical Services, Inc. (GGS) announced it and certain of its domestic subsidiaries have filed voluntary petitions for relief under Chapter 11 petitions to facilitate financial restructuring. The company stated that its non-U.S. subsidiaries were not included in the filing and will not be subject to the requirements of the U.S. Bankruptcy Code.

In conjunction with the filings, the company filed motions seeking Court approval of a potential debtor-in-possession financing agreement that provides for additional borrowing capacity through a multiple draw term loan facility of $60 million, subject to court approvals.

Global has also asked for authority to continue to support its international operations and intends to pay suppliers in full under normal terms for goods and services provided after the filing date of March 25, 2014. Alvarez & Marsal North America, LLC is serving as a financial advisor to the company.