13 Feb 2020substantial holder notice● Neutral
Highbridge Capital Management, LLC reported a SAExploration Holdings, Inc. shareholding of 646,625 shares (9.99% of votes) in a periodic institutional filing.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
29 Jan 2020substantial holder notice● Neutral
Whitebox Advisors LLC, Whitebox General Partner LLC, Whitebox Multi-Strategy Partners, LP, Whitebox Credit Partners, LP, Whitebox Asymmetric Partners, LP reported a SAExploration Holdings, Inc. shareholding of 2,336,725 shares (36.13% of votes) in a periodic institutional filing.
27 Jan 2020debt default or forbearance▼ BadMajor
A further amendment to the forbearance agreements - the third extension of the standstill in four months.
13 Jan 2020asset acquisition disposition▼ BadMajor
The company sold its Alaskan seismic data - the Aklaq, Kuukpik and CRD surveys - to TGS for $14.5 million cash plus an earn-out, selling jointly with ALASKAN Seismic Ventures, the customer entity whose Alaska tax-credit dealings were at the centre of the accounting investigation then engulfing the company. The best remaining assets were going to pay creditors.
2 Jan 2020director officer appointment▼ BadMajor
The forbearance agreements were amended again, and on 30 December the board sacked chief operating officer Brian Beatty with no severance at all - which for a co-founder and director is the language of cause, not restructuring. Of the three men who took the company public in 2013, two were now gone within five weeks.
20 Dec 2019substantial holder notice● Neutral
Whitebox Advisors LLC, Whitebox General Partner LLC, Whitebox Multi-Strategy Partners, LP, Whitebox Credit Partners, LP, Whitebox Asymmetric Partners, LP reported a SAExploration Holdings, Inc. shareholding of 2,165,455 shares (34.40% of votes) in a periodic institutional filing.
12 Dec 2019capital raising announcement▼ BadMajor
The working-capital lenders advanced $5 million more and left room for another $5 million, keeping the lights on inside a forbearance they could end at any point.
9 Dec 2019debt default or forbearance▼ BadMajor
The September forbearance agreements were extended rather than resolved - the standstill with all three creditor groups rolled forward instead of being replaced by a deal.
29 Nov 2019director officer appointment▼ BadMajor
Two things on one day: the Australian business was sold to Terrex for up to A$9 million, and Jeff Hastings - chairman and chief executive, and one of the three men who had sold the company into the shell in 2013 - resigned under a separation and consulting agreement. Selling operating regions and losing the founder at the same time is a company being taken apart.
22 Nov 2019listing compliance notice▼ BadMajor
NASDAQ noted that both the second and third quarter reports for 2019 were now overdue. The company had stopped being able to produce its own financial statements - the accounting problem that had begun with three restatements in 2013 and 2014 had become terminal.
19 Nov 2019debt financing● Neutral
A $9.97 million seismic recording system was bought on vendor finance from GTC at 7% over three years, secured on the equipment itself - the only kind of credit still available.
15 Nov 2019late filing notice▼ Bad
SAExploration Holdings, Inc. notified the SEC that its quarterly report would be filed late.
25 Sept 2019debt financing▼ BadMajor
To repay the last $7 million of 2019 notes falling due, the company borrowed $8 million more on its working-capital facility. Paying one lender by drawing further on another is the arithmetic of a business no longer generating cash.
23 Sept 2019debt default or forbearance▼ BadMajor
The default arrived. On the same day the company signed forbearance agreements with lenders across all three of its debt structures at once - the working-capital facility, the term loan and the convertible notes - buying agreement not to enforce while it worked out what to do. Every creditor group was now waiting rather than being paid.
15 Aug 2019late filing notice▼ Bad
SAExploration Holdings, Inc. notified the SEC that its quarterly report would be filed late.
10 June 2019securities registration● Neutral
SAExploration Holdings, Inc. filed the final prospectus for a registered offering.
29 May 2019securities registration● Neutral
SAExploration Holdings, Inc. registered a securities offering with the SEC using its shelf eligibility.
15 May 2019quarterly activities report● Neutral
SAExploration Holdings, Inc. reported quarterly revenue of $93.1 million and net income of $2.3 million for the period ended 2019-03-31.
14 May 2019quarterly activities report● Neutral
SAExploration Holdings, Inc. reported quarterly revenue of $93.1 million and net income of $2.3 million for the period ended 2019-03-31.
1 Apr 2019substantial holder notice● Neutral
Whitebox Advisors LLC, Whitebox General Partner LLC, Whitebox Multi-Strategy Partners, LP, Whitebox Credit Partners, LP, Whitebox Asymmetric Partners, LP reported a SAExploration Holdings, Inc. shareholding of 1,994,356 shares (33.88% of votes) in a periodic institutional filing.
8 Mar 2019debt financing● Neutral
A seventh amendment to the 2016 term loan pushed the maturity out again. The facility had now been amended on average every four months since it was signed.
14 Feb 2019substantial holder notice● Neutral
Highbridge Capital Management, LLC reported a SAExploration Holdings, Inc. shareholding of 940,679 shares (9.99% of votes) in a periodic institutional filing.
14 Feb 2019substantial holder notice● Neutral
Morgan Stanley I.R.S. #, Morgan Stanley Investment Managemen disclosed a new substantial SAExploration Holdings, Inc. shareholding (9.20% of votes).
8 Feb 2019capital raising announcement● Neutral
Adviser Ducera was paid partly in stock - 242,795 shares - as final settlement for its work on the Geokinetics acquisition, the fee having exceeded what the company could pay in cash.
7 Feb 2019substantial holder notice● Neutral
Ducera LLC, Michael A. Kramer disclosed a new substantial SAExploration Holdings, Inc. shareholding (6.70% of votes).
11 Dec 2018substantial holder notice● Neutral
Whitebox Advisors LLC, Whitebox General Partner LLC, Whitebox Multi-Strategy Partners, LP, Whitebox Credit Partners, LP, Whitebox Asymmetric Partners, LP, Whitebox Institutional Partners, LP reported a SAExploration Holdings, Inc. shareholding of 1,964,326 shares (39.81% of votes) in a periodic institutional filing.
10 Dec 2018securities registration● Neutral
SAExploration Holdings, Inc. registered a securities offering with the SEC using its shelf eligibility.
15 Nov 2018quarterly activities report▼ Bad
SAExploration Holdings, Inc. reported quarterly revenue of $15.0 million and a net loss of $22.6 million for the period ended 2018-09-30.
13 Nov 2018quarterly activities report▼ Bad
SAExploration Holdings, Inc. reported quarterly revenue of $15.0 million and a net loss of $22.6 million for the period ended 2018-09-30.
5 Oct 2018substantial holder notice● Neutral
Whitebox Advisors LLC, Whitebox General Partner LLC, Whitebox Multi-Strategy Partners, LP, Whitebox Credit Partners, LP, Whitebox Asymmetric Partners, LP, Whitebox Institutional Partners, LP reported a SAExploration Holdings, Inc. shareholding of 1,964,326 shares (54.83% of votes) in a periodic institutional filing.