Houston: Texas-based Eagle Geophysical files for Chapter 11
Eagle Geophysical files for bankruptcy
Energy seismic exploration company Eagle Geophysical and its subsidiary, Eagle Geophysical Onshore, filed for Chapter 11 bankruptcy protection on 31 May.
Houston-based Eagle was formed in 1993 to provide geophysical services to upstream oilfield service companies.
In the voluntary petition filed with the US Bankruptcy Court for the Southern District of Texas, the company listed assets of more than $1 million and liabilities of more than $10 million, said a Houston Business Journal report.
A company filing also showed that it terminated the employment of seven of its top executives including Robert Wood, president and chief operating officer, and John Pearce, chief financial officer.
The four others were listed as directors, and one was a vice president.
The company’s chairman remains A John Knapp Jr and H Malcolm Lovett Jr has been named chief reorganisation officer.
Eagle’s largest unsecured creditors include: Houston-based Eagle Equipment Leasing; John Kornitzer of Mission, Kansas; Eagle Canada; Eagle Geophysical Offshore Fixed Income Trust; and Dallas-based Realtime Geophysical Surveys.