ION Geophysical proposes calendar for bidding procedures

Chicago, April 29 – ION Geophysical Corp. submitted an order to approve bidding procedures on Friday, according to a filing with the U.S. Bankruptcy Court for the Southern District of Texas.

The deadline to submit bids would be June 13.

If there is an auction, it would be June 16.

The deadline to file the cure notice with the court would be June 14.

Objections to the sale or contract would need to be filed before June 20.

A sale hearing would be June 21.

If a stalking horse bidder is selected, overbids would need to match the stalking horse bid plus the bid protections and then another $500,000.

The sellers’ representatives are Winston & Strawn LLP and Perella Weinberg Partners.

The sellers’ businesses consist of three primary areas of operation: seismic data assets, software and devices.

Parties may submit bids for one or more of the sellers’ businesses or assets, including for all or part of the sellers’ businesses or assets. Partial bids, when combined, must be higher or better than any stalking horse bids.

ION Geophysical is a Houston-based provider of geophysical technology, services and solutions for the oil and gas industry. The company filed Chapter 11 bankruptcy on April 12 under case number 22-30987.

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