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