Axxis Geo Solutions files for bankruptcy protection

Financially troubled ocean bottom node seismic player Axxis Geo Solutions has decided to apply for bankruptcy protection.

Axxis said on Tuesday it failed to reach agreement with all creditors in order to implement a voluntary solution to refinance the company.

Earlier this year, the Oslo-listed company said it was looking to address its debt situation and improve its balance sheet through a capital restructuring.

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AGS had entered into an exclusive agreement with the financial group of investors with the aim of entering into above mentioned voluntary solution.

The investors proposed that the company raises $12-15 million in new equity at a share price of NOK 0.1.

Nevertheless, today’s move does not come as a surprise, since Axxis had already scheduled a court hearing addressing a petition for bankruptcy if all relevant creditors do not accept the deal.

ABG Sundal Collier and SpareBank 1 Markets acted as financial advisers and Advokatfirmaet Schjødt as Axxis legal adviser.