The US Bankruptcy Court gave an order approving the sale of certain assets of ION Geophysical Corporation and GX Technology Corporation on August 19, 2022. The debtor has been authorized to sell its certain assets to Fairfield Industries Incorporated 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.

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.