ION Geophysical asks court for extension of exclusive plan periods

By Sarah Lizee

Olympia, Wash., Aug. 10 – ION Geophysical Corp. is seeking an extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to a motion filed with the U.S. Bankruptcy Court for the Southern District of Texas.

Specifically, the company asked the court to extend the plan filing period through Nov. 8 and the solicitation period through Jan. 9.

ION ran a post-petition marketing process that resulted in the selection of five successful bids for a combination of sales constituting all of the debtors’ assets.

Based on the results of the sale process, the debtors determined that the sale transactions represented a higher or otherwise better path forward than the transaction outlined in its initial plan.

As such, the company filed an amended plan to provide for the distribution of the sale proceeds and the orderly wind-down of the debtors’ estates.

The hearing on confirmation of the plan and approval of the sale transactions is scheduled for Aug. 15.

ION said it wants the extension out of “an abundance of caution” to ensure that it has enough time to finalize the sale transactions and prosecute the plan.

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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