IO - ION secures further forbearance extensions for debt

ION Geophysical (NYSE:IO) has announced that certain holders of its 2025 second priority debt notes have purchased its commitment and outstanding loans under a 2014 revolving credit agreement. The firm has secured forbearance extensions on the debt with the purchasing lenders, pushing the  current forbearance through April 4, 2022. the forbearances relate to both first lien and second lien debt. ION remains in discussions with holders of its 2025 Notes and other indebtedness regarding various strategic alternatives to strengthen its financial position, including a possible sale or business combination transaction or sales of assets. The firm had reached another forbearance deal in February with other lenders on its revolving credit agreement and a forbearance agreement extension related to 2025 notes. Shares are trading -19.83% pre-market.

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ION secures further forbearance extensions for debt