Oil & Gas Business: Geokinetics Amends Credit Revolver
October 05, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Geokinetics, Inc. (AMEX: GOK) said that its lenders have granted the company a financial covenants waiver related to its revolving credit facility due 2013 for the September 30, 2010 measurement date.
In addition, effective September 30, 2010, Geokinetics said it has amended its revolving credit facility with Royal Bank of Canada.
The company said that, among other things, the second amendment requires that Geokinetics adheres to monthly consolidated total revenue and consolidated cumulative adjusted EBITDA targets commencing with the month ending September 30, 2010 through the month ending November 30, 2010.
The permitted outstanding borrowing amount under the revolver remains unchanged at $40 million, of which $26 million was outstanding as of September 30, 2010.
Geokinetics said that the second amendment does not address financial covenants related to the revolver at the December 31, 2010 measurement date and beyond.
The company said it is currently in discussions with its lenders about potential solutions that would provide future covenant relief.
Texas-based Geokinetics is a provider of seismic data acquisition, seismic data processing services and multi-client seismic data to the oil and gas industry worldwide.
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