ION GEOPHYSICAL CORPORATION ION Geophysical Corporation filed an asset purchase agreement in the US Bankruptcy Court for the sale of its certain assets on July 22, 2022. As per the agreement, debtor seeks the Court's approval for the sale of its certain assets to Fairfield Industries Incorporated, a Delaware corporation, for a consideration of consisting of base purchase price of $4 million minus estimated customer payments plus assumed liabilities. The debtor's assets include the Land Data Assets.
Buyer deposited with U.S. Bank National Association, in its capacity as escrow agent, the sum of $0.40 million by wire transfer. The seller is represented by Dan McGuire and J. Eric Johnson of Winston & Strawn LLP as its legal advisors and the buyer is represented by Stuart Welburn of Thompson Hine LLP as its legal advisor.
