ION Geophysical pushes back bid deadline, auction, asset sale hearing

By Sarah Lizee

Olympia, Wash., June 10 – ION Geophysical Corp. amended the schedule under the bid procedures for the sale of its assets, according to a notice filed with the U.S. Bankruptcy Court for the Southern District of Texas.

The deadline to submit bids is now 6 p.m. ET on June 23, pushed back from 6 p.m. ET on June 13.

The auction was moved to June 27 from June 16.

And, the sale hearing was pushed back to July 6 from June 21.

As previously reported, 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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