Global Geophysical secures interim access to $2 million DIP facility

By Caroline Salls

Pittsburgh, Aug. 8 – Global Geophysical Services, Inc. obtained interim court approval to access its $2 million debtor-in-possession facility, according to an order filed Monday with the U.S. Bankruptcy Court for the Southern District of Texas.

The final hearing is scheduled for Sept. 19.

Wilmington Savings Fund Society, FSB is the administrative and collateral agent.

The facility will bear interest at a rate of 15%.

The DIP financing will mature on the earliest of Nov. 1, the effective date of a Chapter 11 plan and the acceleration of the loan.

Global Geophysical, a Missouri City, Texas-based provider of seismic data services to the oil and gas industry, filed bankruptcy on Aug. 3 under Chapter 11 case number 16-20306.

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