There Is No Charge For The First Consultation: 903-266-1843

Law Office of Gordon Mosley
A Bankruptcy & Consumer law Firm
20 Years Experience Helping People Gain A Fresh Start

Houston-based company comes out of Chapter 11 bankruptcy


Residents of Tyler, Texas, would agree that each company or individual that starts a business aims to earn profits and expand. Many of them even use credit and other available facilities to expand their businesses.

However, certain unforeseeable situations, such as a recession, or wrong business decisions, can impact a business in a big way. Those companies that are in debt might find it tough to sustain and stay relevant. In these circumstances, many companies are left with just one option -- to seek business reorganization through Chapter 11 of the Bankruptcy Code.

A bankruptcy petition filed under Chapter 11 is typically known as reorganization bankruptcy. It is designed to reorganize a business and under Chapter 11, a debtor proposes a reorganization in order to keep the person's business going while paying creditors over time. An individual may also file for bankruptcy under Chapter 11.

Houston-based Global Geophysical Services Inc. had filed for bankruptcy about a year ago and has now emerged from Chapter 11 bankruptcy. Reports stated that company's Chapter 11 plan was accepted and confirmed by an order that was issued by the U.S. Bankruptcy Court Judge on Feb. 6. Reports stated that Federal court records showed that the plan under Chapter 11 of the Bankruptcy Code was consummated on Feb. 9.

In a statement, the company's CEO thanked company's lenders for their support that made it possible for the company to emerge from Chapter 11 bankruptcy. The CEO also stated that the company has reduced its debt by approximately $250 million and that the new financial profile has given the company a solid financial foundation to sustainably operate and expand.

Source: San Antonio Business Journal, "Global Geophysical Services emerges from Chapter 11 bankruptcy," Sergio Chapa, Feb. 10, 2015

No Comments

Leave a comment
Comment Information

Start Fresh - We Can Help!

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Contact Information

Law Office of Gordon Mosley

Tyler Office
4411 Old Bullard Rd.
Tyler, TX 75703

Phone: 903-266-1843
Tyler Law Office Map

Gun Barrel City Office
431 N Gun Barrel Ln
Suite 112
Gun Barrel City, TX 75156

Phone: 903-266-1843
Map & Directions

  • Local: 903-266-1843

  • Fax: 903-581-4038

  • Facebook
  • Google Plus
  • Linkedin
  • Twitter
  • Review Us