Seitel's notes purchased by private investor; deadline to respond to bankruptcy petitions extended

By Carlise Newman

Chicago, June 26 - Seitel Inc. said Ranch Capital LLC has purchased all of the company's senior notes. In addition Seitel has reached an agreement allowing it to extend the time by which it must respond to the involuntary bankruptcy petitions originally filed against it by certain former holders of its senior unsecured notes until July 8.

The bankruptcy petitions were filed by holders of $103 million (representing 40%) principal amount of the $255 million of notes.

Ranch Capital L.L.C., a California based private equity firm, has purchased all $255 million of the company's senior unsecured notes.

The Houston-based seismic information company has scheduled meetings with Ranch Capital during the next week to continue discussions regarding the framework for a restructuring of the company's capital position, including the senior notes.

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