Seitel restructuring deadline extended until May 15

Chicago, April 10 - Seitel, Inc. said it agreed with its noteholders an amendment to the standstill agreement, extending the deadline for completing documents to May 15.

The amendment eliminates the requirement to reach an agreement in principle by April 10, the Houston seismic information company said.

The agreement terminates if Seitel defaults on the standstill agreement or suffers a further default on the notes or if it pays any non-excluded debt of $5 million or more. Additionally, the agreement ends if Seitel's existing term or revolving credit facilities with the Royal Bank of Canada are terminated or expire.

Seitel is a Houston-based marketer of seismic information and technology.

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