IO - ION Geophysical gets further forbearance extensions

ION Geophysical (NYSE:IO) said Tuesday that it received another forbearance extension with its lenders on both first and second lien debt through April 10. The credit agreement dated March 8 had extended forbearance until April 4, which already had been extended in February. The company said it remains in continuing discussions with lenders and noteholders regarding various strategic alternatives, including a potential sale or business combination. ION Geophysical likely faces a pre-packaged bankruptcy, Henrik Alex writes in a bearish analysis published in December on Seeking Alpha.

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ION Geophysical gets further forbearance extensions