Item 7.01. Regulation FD Disclosure.
In connection with the voluntary cases filed under chapter 11 of title 11 of the
United States Bankruptcy Code in the United States Bankruptcy Court for the
Southern District of Texas (the "Bankruptcy Court") by ION Geophysical
Corporation, GX Technology Corporation, ION Exploration Products (U.S.A.), Inc.,
and I/O Marine Systems, Inc. (collectively, the "Company Parties"), on June 29,
2022, the Company Parties held an auction pursuant to which certain bids for
certain of the Company Parties' marine data and processing assets, software
assets, land data assets, devices assets, and intellectual property and
inventory assets were accepted, contingent upon the approval of the Company's
board of directors (the "Board"). On July 1, 2022, the Board approved such bids.
For additional information, please see the main case docket, which can be
accessed through the website maintained by the Bankruptcy Court at
https://www.txs.uscourts.gov, or by viewing the Company Parties' website related
to the chapter 11 cases at https://dm.epiq11.com/case/igc/info.
Item 5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On July 8, 2022, in light of the successful auctions referenced in Item 7.01
above, Dale Lambert, Executive Vice President of E&P Technology & Services, and
Sheila Rodermund, Executive Vice President of Operations Optimization, each of
whom had committed to continue their employment at the Company until the
conclusion of the strategic alternatives process, were released from employment
with the Company.
"Both Dale and Sheila contributed significant value to the Company," remarked
Chris Usher, President and CEO. "On behalf of the Company and on my own behalf,
I thank them for their years of excellent service and wish them all the best in
their future endeavors."
Forward Looking Statements
The information herein contains certain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. These forward-looking statements may include
information and other statements that are not of historical fact. Actual results
may vary materially from those described in these forward-looking statements.
All forward-looking statements reflect numerous assumptions and involve a number
of risks and uncertainties. These risks and uncertainties include: the Company's
ability to obtain Bankruptcy Court approval with respect to motions or other
requests made to the Bankruptcy Court; the Company's ability to comply with the
milestones set forth in the Restructuring Support Agreement; the effects of the
chapter 11 cases on the Company's liquidity or results of operations or business
prospects; the effects of the chapter 11 cases on the Company's business and the
interests of various constituents; the length of time that the Company will
operate under chapter 11 protection; risks associated with third-party motions
in the chapter 11 cases; increased levels of employee attrition during the
chapter 11 cases; the Company's ability to consummate the Restructuring
Transactions; the ability of the Company to confirm and consummate the Plan; the
ultimate benefits of our completed restructuring transactions; the risks
associated with the timing and development of ION Geophysical Corporation's
products and services? pricing pressure? decreased demand? changes in oil
prices? agreements made or adhered to by members of OPEC and other oil producing
countries to maintain production levels? the COVID-19 pandemic? political,
execution, regulatory, and currency risks; the outcome or changes, if any, of
our consideration of various strategic alternatives; and the impact to our
liquidity in the current uncertain macroeconomic environment, including the war
in Ukraine. For additional information regarding these various risks and
uncertainties, see our Form 10-K for the year ended December 31, 2020, filed on
February 12, 2021, and our Forms 10-Q for the quarters ended March 31, 2021,
June 30, 2021, and September 30, 2021, filed on May 6, 2021, August 12, 2021,
and November 3, 2021, respectively. Additional risk factors, which could affect
actual results, are disclosed by the Company in its filings with the Securities
and Exchange Commission (SEC), including its Form 10-K, Form 10-Qs and Form 8-Ks
filed during the year. The Company expressly disclaims any obligation to revise
or update any forward-looking statements.
--------------------------------------------------------------------------------
© Edgar Online, source Glimpses