Geokinetics: SAExploration Announces Entry of Sale Order and Agreement for Bridge Financing to Fund Geokinetics Asset Acquisition

HOUSTON, July 20, 2018 (GLOBE NEWSWIRE) -- SAExploration Holdings, Inc. (NASDAQ:SAEX) (OTC:SAEXW) today announced that the United States Bankruptcy Court for the Southern District of Texas, Houston Division, entered an order approving the previously announced Asset Purchase Agreement, dated June 26, 2018, between its wholly owned subsidiary, SAExploration, Inc. ("SAE" or the "Company"), and Geokinetics, Inc. ("GEOK") and certain of its subsidiaries, debtors and debtors-in-possession, pursuant to which the Company will acquire certain of GEOK's assets.In anticipation of the closing of the acquisition, which the Company expects to occur on or around July 24, 2018, SAE has reached an agreement in principal with certain of its existing lenders to fund $25 million in aggregate principal amount of borrowings, which would be secured by the acquired assets. The Company intends to use the new borrowings to finance the purchase price of the acquisition of GEOK's assets and to pay related transaction costs.Upon the successful closing of this transaction, SAE will acquire certain of GEOK's assets, including equipment and machinery, seismic processing software and equipment and certain contracts with large exploration and production companies.Jeff Hastings, Chairman and CEO of SAE, commented, "We are pleased to have received the Court's approval of the sale. We have been working earnestly to ensure a smooth integration of these complementary assets upon closing and look forward ...Full story available on Benzinga.com