SAExploration (OTC:SAEX) has filed for Chapter 11 in Texas Court, with a proposed plan of reorganization that would eliminate ~$74M of debt.
The Plan contemplates the entry into a new first lien exit facility of $15M, refinancing of the existing credit facility with a new second lien exit facility of $20.5M, and elimination of $89M of existing senior loan facility and the Convertible Notes, in exchange for new common stock.
The Company has requested that the Bankruptcy Court approve commencement of the Plan by September 16 and set October 19, as the voting date.
Earlier in April, the company appointed Imperial Capital to explore alternatives for its capital structure.
YTD shares have plunged ~80%.
