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Oil Market’s Caution Bankrupts Seismic Mapper Ion Geophysical

  • Company blames Chapter 11 on oil explorers that won’t explore
  • Deal with lenders would swap debt for equity or allow sale

Seismic mapper Ion Geophysical Corp. said cautious energy explorers who refuse to spend money hunting for offshore oil are to blame for driving the company into bankruptcy.

“Despite signs of gradual market improvement in 2021, energy companies’ strategy of capital conservation remained firmly in place,” Ion’s chief financial officer, Mike Morrison, said in court papers filed Tuesday in U.S. bankruptcy court in Houston.