February 22, 2017 8:20 AM ET

Electronic Equipment, Instruments and Components

Company Overview of AutoSeis Inc.

Company Overview

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. AutoSeis Inc. operates as a subsidiary of Global Geophysical Services, Inc. On August 3, 2016, Autoseis, Inc. filed a voluntary petition for reorganization under Chapter 11 in the US Bankruptcy Court for the Southern District of Texas. It is in joint administration with Global Geophysical Services, LLC.

2101 Midway Road

Suite 140

Carrollton, TX 75006

United States

Founded in 2008

Phone:

972-332-3388

Key Executives for AutoSeis Inc.

President
Chief Executive Officer of Global Geophysical Services, Inc. and President of Global Geophysical Services, Inc.
Age: 56
Compensation as of Fiscal Year 2016.

AutoSeis Inc. Key Developments

Final DIP Financing Approved for Global Geophysical Services, LLC

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

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

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.

Similar Private Companies By Industry

Company Name Region
#1 Network, Inc. United States
10x Communications, Inc. United States
1450 Inc. United States
1st Choice Security Solutions, Inc. United States
20th Century Lites, Inc. United States

Recent Private Companies Transactions

Type
Date
Target
No transactions available in the past 12 months.
 

The information and data displayed in this profile are created and managed by S&P Global Market Intelligence, a division of S&P Global. Bloomberg.com does not create or control the content. For inquiries, please contact S&P Global Market Intelligence directly by clicking here.

Stock Quotes

Market data is delayed at least 15 minutes.

Company Lookup

Most Searched Private Companies

Company Name Geographic Region
Lawyers Committee for Civil Rights Under Law United States
NYC2012, Inc. United States
Bertelsmann AG Europe
Rush University United States
The Advertising Council, Inc. United States

Sponsored Financial Commentaries

Sponsored Links

Request Profile Update

Only a company representative may request an update for the company profile. Documentation will be required.

To contact AutoSeis Inc., please visit www.autoseis.net. Company data is provided by S&P Global Market Intelligence. Please use this form to report any data issues.

Please enter your information in the following field(s):
Update Needed*

All data changes require verification from public sources. Please include the correct value or values and a source where we can verify.

Your requested update has been submitted

Our data partners will research the update request and update the information on this page if necessary. Research and follow-up could take several weeks. If you have questions, you can contact them at bwwebmaster@businessweek.com.