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 dated June 30, 2022, seeks the Court's approval for the sale of its certain assets to TGS ASA, a Norwegian public limited company, for a purchase price of $34 million in cash plus assumed liabilities. The debtor's assets include the Marine Data and Processing Assets.
On June 23, 2022, Buyer deposited with U.S. Bank National Association, in its capacity as escrow agent, the sum of $3.30 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 James Bailey and Frederic Smith of Bradley Arant Boult Cummings LLP as its legal advisors.
