Global Geophysical Services LLC, a seismic-data provider for the oil industry, filed for chapter 11 protection yesterday and will go out of business, less than two years after the company emerged from an earlier trip through bankruptcy, the Wall Street Journal reported today. Sean Gore, the company’s chief executive officer, blamed stubbornly low oil prices for its failure. Although benchmark U.S. oil prices have rebounded to more than $40 a barrel since hitting a 13-year low in February, they are still well below the $115 per barrel producers were getting as recently as the summer of 2014. The company, based in Missouri City, Texas, filed for chapter 11 protection in U.S. Bankruptcy Court in Corpus Christi, listing assets and debts each in the range of $100 million to $500 million. Read more. (Subscription required.)
Get the knowledge you need when an oil, gas or other natural resources company goes bankrupt. Order your copy of ABI's revised and expanded When Gushers Go Dry: The Essentials of Oil & Gas Bankruptcy, Second Edition.
