Global Geophysical Services Inc., a provider of seismic data to oil and gas companies, filed for bankruptcy due to heavy debt and said it was seeking court approval for $60 million in debtor-in-possession financing, Reuters reported today. Global Geophysical said on Tuesday that its foreign subsidiaries were not included in the bankruptcy filing. Demand for seismic data, which creates images of the earth's subsurface and helps companies to identify oil-and-gas-bearing structures, has risen as energy companies increase exploration in remote and difficult areas. Global Geophysical had warned of a liquidity crunch earlier this month.
