S&P cuts ION Geophysical

S&P said it lowered its ratings on ION Geophysical Corp. and its senior secured notes due 2025 to D from CCC.

“The downgrade reflects ION Geophysical's missed interest and principal payments on its 8% senior secured notes due 2025 and its 9 1/8% unsecured notes due 2021. The company is discussing strategic alternatives with its advisors, and we believe these discussions will likely result in a comprehensive debt restructuring or a bankruptcy filing,” S&P said in a press release.

ION was supposed to have made a $4.6 million interest payment on its 8% notes and a $7.7 million principal plus interest payment on its 9 1/8% notes due Dec. 15, 2021.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.