Oil-services provider SAExploration Holdings Inc., which received millions in coronavirus aid from the federal government, filed for bankruptcy with plans to hand ownership of most of the business to lenders and bondholders as a way to deal with challenges facing the energy industry. The company, which provides seismic data to the oil-and-gas industry, filed for chapter 11 in U.S. Bankruptcy Court in Houston on Thursday and said it has reached an agreement with most of its creditors to restructure a roughly $130 million debt load, eliminating about $74 million in liabilities from its balance sheet. The Wall Street Journal reported earlier this month that SAExploration was likely to file for bankruptcy. The Securities and Exchange Commission and the Justice Department are investigating SAExploration over matters related to revenue recognition, accounts receivables and tax credits. The Alaska Department of Revenue is looking into the business over matters related to Alaska tax credit certificates.

Source: Wall Street Journal August 28, 2020 18:56 UTC