Stockle - the stock oracle

Friday 9 October 2026 · Oil, gas and mining explorers, from their own disclosures

← All companies

EAGLE GEOPHYSICAL INC

9 story beats from 1997 to 1999

The story so far

The events that changed the company's story, in plain English, each written against everything known about the company at the time. The dot shows whether it was good, bad or neutral for shareholders.

1999

  1. 6 Oct

    Eagle Geophysical and 16 subsidiaries filed for Chapter 11 bankruptcy protection in Delaware on September 29, 1999, citing collapsed E&P seismic spending and its debt load; Nasdaq halted trading in its stock the same day, and the company secured up to $15 million in debtor-in-possession financing.

    bankruptcy or receivership

  2. 15 Sept

    The 60-day grace period expired September 13, 1999 without the missed interest payment being made, triggering a formal event of default on the $100 million Senior Notes.

    other material event

  3. 16 Aug

    The scale of the collapse became clear: quarterly revenue fell from $28.2 million to $17.9 million and the net loss ballooned to $57.6 million, driven by a $43.7 million restructuring and asset-impairment charge, leaving a $156.1 million working-capital deficit - the same distress behind the missed July 15 interest payment disclosed weeks earlier.

    quarterly activities report

  4. 20 July

    Missed the $5,375,000 semi-annual interest payment due July 15, 1999 on its $100 million 10.75% Senior Notes - a default under the notes' indenture unless cured within a 60-day grace period; had already retained CIBC World Markets to negotiate a debt restructuring.

    other material event

1998

  1. 7 Oct

    Launched a registered exchange offer, swapping the $100 million of privately-placed 10.75% Senior Notes due 2008 for publicly-registered notes on identical economic terms, with interest payable each January 15 and July 15.

    securities registration

  2. 2 Oct

    Signed a letter of intent to acquire the assets and operations of Natural Resources Geophysical Corporation (NRG Services) of Calgary - land seismic equipment, a data library, and assumption of related debt - for cash and stock, expected to close by November 30, 1998.

    asset acquisition disposition

  3. 30 June

    Announced a proposed $100 million private placement of unsecured senior notes (10-year maturity, rate not yet set) to fund upgrades of two seismic vessels and repay interim borrowings, expected to close mid-July 1998.

    debt financing

1997

  1. 6 Aug

    Priced its IPO at $17.00 per share (5,880,000 shares total), completing its transition to a public company on the Nasdaq National Market under the symbol EGEO.

    securities registration

  2. 2 June

    Filed to go public with an IPO of 5,880,000 shares (4,000,000 sold by the company, 1,880,000 by selling stockholder Seitel, Inc.), combining Seitel's onshore seismic subsidiary with the offshore seismic business of the Horizon Companies, conditioned on simultaneously acquiring the remaining 81% of Energy Research International it didn't already own.

    securities registration