Global Geophysical Services Emerges from Bankruptcy

October 5, 2016

Willkie client Morgan Stanley Senior Funding (MSSF) provided exit credit facilities. 

On October 3, Global Geophysical Services, LLC (GGS), a provider of seismic data services to the oil and gas industry, emerged from bankruptcy protection after the September 19 confirmation of its prepackaged chapter 11 plan. Willkie client Morgan Stanley Senior Funding (MSSF), the primary lender under GGS’s senior prepetition and debtor-in-possession financing facilities, also provided exit credit facilities, as of the October 3 closing, to GGS and to Seismic Library Enterprises, a newly formed entity that will operate the seismic mapping library formerly owned by GGS. The prepackaged plan, which received 100% support among affected creditors and was confirmed only 47 days after GGS’ bankruptcy filing, was negotiated between MSSF and GGS.

The Willkie team was led by partners Leonard Klingbaum and John Longmire, with assistance from partners Viktor Okasmaa, Anthony Carbone, David Cosgrove and Jordan Messinger; and associates Jennifer Hardy, Ryan Cicero, James Markel, Justin Elliott, Adam Keith, Claire Soloski, Jacob Moss and James Burbage.