New Chapter 11 Filings, Disclosures: April 12 – April 16, 2021

At least two major companies have either filed for Chapter 11 bankruptcy protection or defaulted on loans during the week of April 12 – April 16, 2021. Both companies were within the Energy sector.

Source: S&P

April 14

ION Geophysical Corp. is an international seismic data acquisition and processing company. ION Geophysical completed its debt exchange offer, which successfully extended the maturity of its second-lien senior secured notes to December 2025.

S&P viewed this as a distressed exchange, due to the high likelihood of a default in the absence of payment. Consequently, the company’s credit rating has been lowered to SD.

April 16

Basic Energy Services Inc. provides a diverse number of services to the natural oil and gas production companies in the U.S. Th...

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