ION Geophysical is in a confirmed-plan posture: the court approved the debtors’ disclosure statement and confirmed their First Amended Joint Chapter 11 Plan on August 25, 2022, putting the case on a reorganization track rather than an unresolved sale or liquidation path through the cited record Confirmation OrderDkt. 692.
The company entered chapter 11 on April 12, 2022 after operating as an asset-light offshore energy and maritime technology business with a leveraged capital structure that included about $138.9 million of funded debt, consisting principally of $116.2 million of 8.00% second-lien notes, $7.1 million of unsecured notes tied to amended old second-lien notes, and a $15.6 million revolving credit facility Disclosure StatementDkt. 23. The case began with the parent and debtor affiliates filing voluntary petitions Voluntary PetitionDkt. 1, supported by a first-day declaration from CFO Mike Morrison describing the petitions and first-day relief Morrison DeclarationDkt. 4.
The restructuring moved quickly from filing to plan prosecution. The debtors filed a disclosure statement the day after the petition date Disclosure StatementDkt. 23, later filed plan-supplement materials Second Amended Plan SupplementDkt. 656, and then filed the First Amended Joint Chapter 11 Plan on August 24, 2022 . One notable contested matter in the case record was an adversary complaint by Shearwater GeoServices Limited seeking lien-related, injunctive, and declaratory relief against ION Geophysical and GX Technology , but the restructuring endpoint reflected in the provided record is confirmation of a five-class reorganization plan the next month.
