August 24, 2016 10:58 AM ET

Energy Equipment and Services

Company Overview of Global Geophysical Services, LLC

Company Overview

Global Geophysical Services, LLC, together with its subsidiaries, provides seismic data solutions to the oil and gas industry. The company’s seismic data solutions primarily include seismic data acquisition, microseismic monitoring, data processing, and interpretation services, which deliver data that enables the creation of high resolution images of the earth’s subsurface, and reveal complex structural and stratigraphic details. It also provides seismic data recording equipment. The company offers seismic data acquisition for marshes, forests, jungles, arctic climates, mountains, and deserts. It serves oil and gas exploration and production companies comprising national oil companies, integ...

13927 South Gessner Road

Missouri City, TX 77489

United States

1,500 Employees

Phone:

713-972-9200

Fax:

713-972-1008

Key Executives for Global Geophysical Services, LLC

Co-Founder and Senior Vice President of Geophysical Technology
Age: 54
Chief Financial Officer and Senior Vice President
Age: 48
Senior Vice President and General Counsel
Age: 67
Vice President of Eastern Hemisphere Operations
Age: 62
Vice President of Health, Safety, Environment and Quality
Age: 59
Compensation as of Fiscal Year 2016.

Global Geophysical Services, LLC Key Developments

Interim 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 an interim basis on August 8, 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. The final DIP hearing is scheduled for September 19, 2016. 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.

Liquidation Plan & Related Disclosure Statement Filed by Global Geophysical Services, LLC

Global Geophysical Services, LLC, along with its affiliates, filed a joint plan of liquidation with related disclosure statement in the US Bankruptcy Court on August 3, 2016. As per the plan filed, 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.

Global Geophysical Services Files Form 15

Global Geophysical Services, Inc. has announced that it has filed a Form 15 with the Securities and Exchange Commission to voluntarily deregister its common stock under the Securities Exchange Act of 1934, as amended.

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Recent Private Companies Transactions

Type
Date
Target
Bankruptcy
August 3, 2016
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