IO - ION Geophysical wins deal for forbearance amendment extensions

ION Geophysical (NYSE:IO) +5.8% pre-market after saying it reached an agreement with lenders for a continued forbearance and amendment extension on its revolving credit agreement and a forbearance agreement extension related to 2025 notes. The company said it remains in talks with PNC Bank and noteholders regarding various strategic alternatives to strengthen its financial position and maximize stakeholder value, including a potential sale or business combination transaction or asset sales. ION recently received notice from the NYSE that the stock had fallen below minimum listing standards. 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 wins deal for forbearance, amendment extensions