Geokinetics Inc. entered bankruptcy with about 330 North American employees, but as few as 16 might still have jobs by late August as part of a deal struck with creditors so the seismic-data supplier can continue to use cash to get through chapter 11, WSJ Pro Bankruptcy reported. The Houston-based company sought protection from creditors last month with a deal in hand to sell nearly all of its assets for nearly $20 million to publicly traded oil-field services provider SAExploration Holdings Inc. The purchase was approved last week by U.S. Bankruptcy Court in Houston. According to a court filing, Geokinetics and related companies in bankruptcy have agreed in a deal with creditors to cut their payroll to no more than 27 full-time workers as of July 30. That doesn’t, however, include employees retained under a “transition services agreement,” with their wages to essentially be paid by SAExploration.
