14 July 2016securities registration● Neutral
GEOKINETICS INC filed notice of an exempt private placement.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
14 May 2013director interest notice● Neutral
GEOKINETICS INC director Steven A Webster disposed of 934,186 shares via option/appreciation-right settlement.
14 May 2013director interest notice● Neutral
GEOKINETICS INC director Christopher M Harte disposed of 178,835 shares via option/appreciation-right settlement.
14 May 2013director interest notice● Neutral
GEOKINETICS INC President and CEO David Crowley disposed of 350,000 shares via option/appreciation-right settlement.
14 May 2013director interest notice● Neutral
GEOKINETICS INC EVP and CFO Gary L Pittman disposed of 20,200 shares via option/appreciation-right settlement.
14 May 2013director interest notice● Neutral
GEOKINETICS INC director Christopher D Strong disposed of 25,035 shares via option/appreciation-right settlement.
14 May 2013director interest notice● Neutral
GEOKINETICS INC director Gary M Pittman disposed of 25,450 shares via option/appreciation-right settlement.
14 May 2013director interest notice● Neutral
GEOKINETICS INC director Cabes Robert L Jr. disposed of 28,065 shares via option/appreciation-right settlement.
14 May 2013director interest notice● Neutral
GEOKINETICS INC EVP Parker Lee disposed of 46,009 shares via option/appreciation-right settlement.
14 May 2013director interest notice● Neutral
GEOKINETICS INC director Anthony Tripodo disposed of 19,250 shares via option/appreciation-right settlement.
14 May 2013director interest notice● Neutral
GEOKINETICS INC VP, GC and Corp. Sec. Moll William Leo Jr. disposed of 25,800 shares via option/appreciation-right settlement.
14 May 2013director interest notice● Neutral
GEOKINETICS INC director William R Ziegler disposed of 606,526 shares via option/appreciation-right settlement.
5 Apr 2013listing compliance notice▼ BadMajor
GEOKINETICS INC deregistered its securities, ending its obligation to file reports with the SEC.
19 Mar 2013debt financing● NeutralMajor
On March 13, 2013, after the Bankruptcy Court's March 12 interim order, the company signed a debtor-in-possession loan agreement for up to $25 million at 9.25% interest with lenders who hold over 70% of the senior secured notes (Cantor Fitzgerald as agent). The loans are to be paid in stock of the reorganized company under the plan or repaid by the earliest of four months after signing, acceleration, or the plan's effective date, and they rank ahead of the noteholders' liens. This is the financing described in the bankruptcy filing and adds to the dilution of the post-reorganization stock.
18 Mar 2013securities registration● Neutral
GEOKINETICS INC amended an already-effective registration statement.
18 Mar 2013securities registration● Neutral
GEOKINETICS INC amended an already-effective registration statement.
12 Mar 2013bankruptcy or receivership▼ BadMajor
On March 10, 2013 the company and its domestic subsidiaries filed Chapter 11 petitions in Delaware to carry out the pre-packaged plan agreed in January, which the filing says was approved by a large majority of stakeholders but still needs court approval. The filing triggered automatic acceleration of the $50M credit facility and the $300M 9.75% notes, though enforcement is stayed, and a second amendment gave extra time (45 days to confirm, 60 to take effect). The plan as previously described gives noteholders all the new common stock and cancels existing common, so this continues the wipe-out of current shareholders; the filing itself does not say the plan is confirmed.
14 Feb 2013substantial holder notice● Neutral
Gates Capital Management, Inc, Gates Capital Partners, L.P, ECF Value Fund, L.P, ECF Value Fund II, L.P, ECF Value Fund International, Ltd, Jeffrey L. Gates reported no remaining GEOKINETICS INC shareholding in its periodic institutional filing.
7 Feb 2013material agreement● Neutral
On February 4, 2013 the restructuring support agreement was amended to move the deadline to start the vote solicitation on the reorganization plan from January 31 to February 8, 2013. It also adds noteholder termination rights tied to the timing of the Chapter 11 filing and to American Securities and Gates agreeing a shareholders agreement form, with that deadline moved from February 15 to March 15, 2013. This is a timetable adjustment to the January plan, with no change to what shareholders receive as described.
18 Jan 2013substantial holder notice● Neutral
Avista Capital Partners, L.P. N/A, Avista Capital Partners GP, LLC N/A reported a GEOKINETICS INC shareholding of 7,990,833 shares (32.30% of votes) in a periodic institutional filing.
17 Jan 2013material agreement▼ BadMajor
On January 15, 2013 the company signed a Restructuring Support Agreement with holders of over 70% of its $300M 9.75% senior secured notes and with Avista, the largest preferred holder. The planned Chapter 11 plan would swap the notes for 100% of the new common stock (subject to dilution from a management incentive plan and up to $25M of debtor-in-possession financing converting to stock), repay the $50M credit facility from an exit financing, pay general unsecured claims in full, and cancel all preferred stock with a cash payment to holders of certain preferred. Existing common shareholders would receive no distributions and their shares would be canceled. This follows the December 2012 delisting and puts the company on the path to Chapter 11; the plan remains subject to court approval and other conditions.
27 Dec 2012listing compliance notice● NeutralMajor
GEOKINETICS INC's exchange filed to remove a class of its securities from listing.
21 Dec 2012listing compliance notice▼ BadMajor
After the company submitted its compliance plan on November 30, 2012, NYSE MKT rejected it on December 18 and began delisting, also citing a further standard (Section 1003(a)(iv)). The company does not intend to appeal; trading is halted and is to be suspended before the open on December 27, 2012, and the stock can only be quoted over-the-counter if a market maker files a Form 211 that FINRA approves, which is not assured. This resolves the listing-compliance thread negatively. A new CEO, David J. Crowley, is named as the press release contact (inference: he replaced Richard Miles).
13 Dec 2012director interest notice● Neutral
Veltmann Alejandra became a GEOKINETICS INC VP and Chief Accounting Office and company insider (initial ownership filing).
9 Nov 2012substantial holder notice● Neutral
BlackRock, Inc reported a GEOKINETICS INC shareholding of 496,068 shares (2.60% of votes) in a periodic institutional filing.
8 Nov 2012quarterly activities report▼ Bad
GEOKINETICS INC reported quarterly revenue of $155.8 million and a net loss of $26.0 million for the period ended 2012-12-31.
8 Nov 2012quarterly activities report▼ Bad
GEOKINETICS INC reported quarterly revenue of $155.8 million and a net loss of $26.0 million for the period ended 2012-12-31.
29 Oct 2012listing compliance notice▼ BadMajor
On October 23, 2012 NYSE MKT told the company it fails continued listing standards because its stockholders' equity is below the required levels and it has had net losses in recent years. It must submit a plan by November 23, 2012 to regain compliance by April 23, 2014, and the company was still evaluating whether it could submit one; without an accepted plan, delisting proceedings begin.
4 Oct 2012agm notice● Neutral
GEOKINETICS INC shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
10 Aug 2012quarterly activities report▼ Bad
GEOKINETICS INC reported quarterly revenue of $141.7 million and a net loss of $6.3 million for the period ended 2012-09-30.