ION Geophysical gets OK for Ch. 11 Vote for plan

By Rick Archer (May 9, 2022, 8:13 p.m. EDT) — A Texas bankruptcy judge on Monday cleared offshore drilling support company ION Geophysical Corp. to send her Chapter 11 plan to a vote and dip into $2.5 million in bankruptcy funding after hearing she had resolved objections raised by unsecured creditors.

In a late afternoon virtual hearing, counsel for ION and its Unsecured Creditors Committee told U.S. Bankruptcy Judge Marvin Isgur that ION had made a number of changes to the proposals in response to the committee’s objections – including increasing the committee’s budget and removing recovery actions against lenders secured by the guarantee guaranteeing debtor-in-possession financing -…

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