Electronic Equipment, Instruments and Components
Company Overview of AutoSeis Inc.
On October 3, 2016, AutoSeis Inc. went out of business as per its Chapter 11 liquidation filing under bankruptcy. AutoSeis Inc. develops and manufactures nodal recording systems for data acquisition programs, conceivable environments, and energy companies worldwide. It offers Autoseis HDR-1C, a 32 bit integer format nodal recording system for seismic survey design, program size, and various types of environments. The company was founded in 2008 and is based in Carrollton, Texas.
2101 Midway Road
Carrollton, TX 75006
Founded in 2008
Key Executives for AutoSeis Inc.
AutoSeis Inc. does not have any Key Executives recorded.
AutoSeis Inc. Key Developments
Final DIP Financing Approved for Global Geophysical Services, LLC
Sep 19 16
The US Bankruptcy Court gave an order to Global Geophysical Services, LLC to obtain DIP financing on a final basis on September 19, 2016. As per the order, the debtor has been authorized to obtain a senior secured revolving loan facility in the amount of $2 million from Morgan Stanley Senior Funding, Inc., D-Star Ltd. and Napier Park Select Master Fund LP with Wilmington Savings Fund Society, FSB acting as the administrative agent. The DIP loan would carry an interest rate of 15% p.a., along with an additional 2% p.a. interest in the event of default. As per the terms of the DIP agreement, the loan carries a commitment fee of 2.5% p.a. and an upfront fee of 1% of the amount equal to the commitments. The DIP facility would mature either on November 1, 2016 or on the effective date of the plan or on the date of consummation of the sale of substantially all assets, whichever is earlier. Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims which is subject to a carve-out of $0.10 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral. Andrew Thomison of Baker Botts LLP represented the debtor as legal counsel and Leonard Klingbaum of Willkie Farr & Gallagher LLP and Pamela Bruzzese-Szczygiel of Kelley Drye & Warren LLP represented the agent as legal counsels.
First Amended Liquidation Plan and Disclosure Statement Approved for Global Geophysical Services, LLC
Sep 19 16
The US Bankruptcy Court approved first amended plan of liquidation and disclosure statement of Global Geophysical Services, LLC on September 19, 2016. The debtor has filed its first amended plan and disclosure statement in the Court on September 13, 2016. As per the amended plan, administrative claims, fee claims, US Trustee fees and priority tax claims shall be paid full in cash. First lien agent fees shall be paid in cash. DIP claims shall be assumed by NewCo. First lien claims of $85.10 million shall recover 76% of the claim through issuance of new NewCo common stock, rights for claims assumed by NewCo and rights for claims under the liquidating companies exit credit agreement. Second lien claims of $40.45 million shall recover 7% of the claims through pro-rata share of distributable cash. Other secured claims of $0.11 million shall recover 100% of the claims through either reinstatement of the claims or payment in full in cash or delivery of the collateral securing the claim or other treatment rendering the claim unimparied, at the debtor's option. Other priority claims shall either be paid full in cash or other treatment rendering the claim unimparied, at the debtor's option. There are no other priority claims scheduled. General unsecured claims of $1.59 million shall recover 7% of the claims through pro-rata share of distributable cash. Intercompany claims shall either be reinstated or cancelled in the debtor's discretion. Intercompany interests shall be reinstated. Parent interests shall be cancelled and holders shall receive no distribution under the plan. Sean Gore, current Chief Executive Officer, will be appointed as plan administrator. First Lien Lenders will establish a new corporation, NewCo, to hold the assets of debtors. The plan will be funded through the NewCo new common stocks and sale proceeds of Liquidating companies.
First Amended Liquidation Plan Filed by Global Geophysical Services, LLC
Sep 13 16
Global Geophysical Services, LLC filed an amended joint plan of liquidation in the US Bankruptcy Court on September 13, 2016. As per the amended plan filed, there were no changes in the treatment of the claim classes.
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