Geokinetics granted final court approval of $25 million DIP facility

By Caroline Salls

Pittsburgh, April 3 - Geokinetics Inc. won final court approval of a $25 million debtor-in-possession financing facility, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, Geokinetics obtained its DIP financing from eligible senior noteholders, backstop DIP lenders and other accredited investors.

Cantor Fitzgerald Securities is the administrative and collateral agent.

Interest is 9.25%.

The DIP matures on the earliest of four months after the closing date of the loan agreement, the date the DIP obligations are accelerated as a result of default or the effective date of Geokinetics' Chapter 11 plan.

Geokinetics, based in Houston, is a provider of seismic data acquisition, seismic data processing services and multi-client seismic data to the oil and gas industry. The company filed for bankruptcy on March 10. Its Chapter 11 case number is 13-10472.

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