30 Nov 2021securities registration● Neutral
SAExploration Holdings, Inc. filed notice of an exempt private placement.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
11 Feb 2021substantial holder notice● Neutral
Highbridge Capital Management, LLC, Highbridge MSF International Ltd, Highbridge Tactical Credit Master Fund, L.P reported no remaining SAExploration Holdings, Inc. shareholding in its periodic institutional filing.
22 Dec 2020substantial holder notice● Neutral
Assured Investment Management LLC, Assured Investment Management GP Holdings LLC, Blue Mountain CA Master Fund GP, Ltd, Blue Mountain Credit Alternatives Master Fund L.P, BlueMountain Long/Short Credit GP, LLC, BlueMountain Guadalupe Peak Fund L.P, BlueMountain Kicking Horse Fund GP, LLC, BlueMountain Kicking Horse Fund L.P, BlueMountain Timberline Ltd, BlueMountain Summit Opportunities GP II, LLC, BlueMountain Summit Trading L.P, BlueMountain Montenvers GP S.&#, BlueMountain Montenvers Master Fund SCA SICAV-SIF reported no remaining SAExploration Holdings, Inc. shareholding in its periodic institutional filing.
18 Dec 2020listing compliance notice▼ BadMajor
SAExploration Holdings, Inc. terminated the registration of a class of securities, ending its reporting obligation for them.
11 Dec 2020securities registration● Neutral
SAExploration Holdings, Inc. amended an already-effective registration statement.
11 Dec 2020bankruptcy or receivership▼ BadMajor
The court confirmed the plan on 10 December 2020. All 6,612,332 shares and all six classes of warrants were extinguished with nothing paid to holders; the 2023 convertible notes and general unsecured creditors received nothing either; the secured lenders took the reorganised company. The equity that survived the 2016 and 2018 restructurings did not survive this one.
11 Dec 2020securities registration● Neutral
SAExploration Holdings, Inc. amended an already-effective registration statement.
11 Dec 2020securities registration● Neutral
SAExploration Holdings, Inc. amended an already-effective registration statement.
9 Dec 2020material agreement● NeutralMajor
A settlement with a dissenting group of term lenders cleared the last objection to the plan two days before the confirmation hearing.
16 Nov 2020quarterly activities report▼ Bad
SAExploration Holdings, Inc. reported quarterly revenue of $2.2 million and a net loss of $30.0 million for the period ended 2020-09-30.
4 Nov 2020material agreement● NeutralMajor
The restructuring agreement underpinning the plan was amended as the case progressed, with the working-capital lenders now unanimously behind it.
22 Sept 2020security holder rights change▼ Bad
The bankruptcy court restricted trading in the company's shares and required notice before anyone could declare them worthless for tax purposes - a routine order to protect tax losses, but also a formal acknowledgement that the equity might be worth nothing.
31 Aug 2020substantial holder notice● Neutral
BlueMountain Capital Management, LLC, BlueMountain GP Holdings, LLC, Blue Mountain CA Master Fund GP, Ltd, Blue Mountain Credit Alternatives Master Fund L.P, BlueMountain Long/Short Credit GP, LLC, BlueMountain Guadalupe Peak Fund L.P, BlueMountain Kicking Horse Fund GP, LLC, BlueMountain Kicking Horse Fund L.P, BlueMountain Timberline Ltd, BlueMountain Summit Opportunities GP II, LLC, BlueMountain Summit Trading L.P, BlueMountain Montenvers GP S.à r.l, BlueMountain Montenvers Master Fund SCA SICAV-SIF reported a SAExploration Holdings, Inc. shareholding of 655,391 shares (6.20% of votes) in a periodic institutional filing.
28 Aug 2020bankruptcy or receivership▼ BadMajor
SAExploration and its subsidiaries filed for Chapter 11 protection in Houston on 27 August 2020, with a restructuring support agreement and a backstop already in place, and continued trading as debtor-in-possession. Eleven months of rolling forbearances ended the way they were always likely to.
21 Aug 2020substantial holder notice● Neutral
BlueMountain Capital Management, LLC, BlueMountain GP Holdings, LLC, Blue Mountain CA Master Fund GP, Ltd, Blue Mountain Credit Alternatives Master Fund L.P, BlueMountain Long/Short Credit GP, LLC, BlueMountain Guadalupe Peak Fund L.P, BlueMountain Kicking Horse Fund GP, LLC, BlueMountain Kicking Horse Fund L.P, BlueMountain Timberline Ltd, BlueMountain Summit Opportunities GP II, LLC, BlueMountain Summit Trading L.P, BlueMountain Montenvers GP S.à r.l, BlueMountain Montenvers Master Fund SCA SICAV-SIF reported a SAExploration Holdings, Inc. shareholding of 655,391 shares (6.20% of votes) in a periodic institutional filing.
14 Aug 2020quarterly activities report▼ Bad
SAExploration Holdings, Inc. reported quarterly revenue of $35.8 million and a net loss of $5.6 million for the period ended 2020-06-30.
11 Aug 2020listing compliance notice● NeutralMajor
SAExploration Holdings, Inc.'s exchange filed to remove a class of its securities from listing.
31 July 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 2,336,520 shares (35.34% of votes) in a periodic institutional filing.
28 July 2020debt default or forbearance▼ BadMajor
The last extension of the forbearance, four weeks before the company filed for bankruptcy. Every one of these agreements had bought weeks, not a solution.
30 June 2020debt default or forbearance▼ BadMajor
The forbearance was extended again at the end of June, with no restructuring yet agreed.
17 June 2020listing compliance notice▼ BadMajor
The convertible noteholders agreed that being delisted would not count as the 'fundamental change' that would let them demand immediate repayment - but only until the end of August. That deadline was, in effect, the date by which a restructuring had to be agreed.
29 May 2020debt default or forbearance▼ BadMajor
A new set of forbearance agreements signed in April was extended, now covering 98% of the working-capital lenders and 82% of the term lenders - the standstill had been running continuously for eight months.
15 May 2020substantial holder notice● Neutral
Ducera LLC, Michael A. Kramer reported no remaining SAExploration Holdings, Inc. shareholding in its periodic institutional filing.
13 May 2020quarterly activities report● Neutral
SAExploration Holdings, Inc. reported quarterly revenue of $125.4 million and net income of $8.6 million for the period ended 2020-03-31.
5 May 2020listing compliance notice▼ BadMajor
NASDAQ ran out of patience: trading would be suspended on 8 May 2020 and delisting proceedings begun, for failing the shareholders' equity test. Seven years after arriving on the exchange through the Trio shell, the listing was over.
1 May 2020director interest notice● Neutral
John A. Simmons became a SAExploration Holdings, Inc. Vice President and company insider (initial ownership filing).
6 Apr 2020director interest notice● Neutral
David Alan Rassin became a SAExploration Holdings, Inc. VP, General Counsel and company insider (initial ownership filing).
6 Apr 2020director interest notice● Neutral
SAExploration Holdings, Inc. VP, General Counsel David Alan Rassin received a stock option grant for 10,000 shares.
20 Feb 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 (36.08% of votes) in a periodic institutional filing.
14 Feb 2020listing compliance notice▼ BadMajor
NASDAQ found shareholders' equity below $2.5 million again, this time on the strength of a restated 2018 annual report - the accounting corrections were now directly threatening the listing.