{"id":403938,"date":"2020-12-21T13:58:39","date_gmt":"2020-12-21T18:58:39","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=403938"},"modified":"2020-12-21T13:58:39","modified_gmt":"2020-12-21T18:58:39","slug":"saexploration-successfully-completes-financial-restructuring","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/saexploration-successfully-completes-financial-restructuring\/","title":{"rendered":"SAExploration Successfully Completes Financial Restructuring"},"content":{"rendered":"
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HOUSTON, Dec. 21, 2020 (GLOBE NEWSWIRE) — SAExploration Holdings, Inc. (\u201cSAE\u201d or the \u201cCompany\u201d) <\/strong>announced today that it has successfully completed its financial restructuring and emerged from Chapter 11 as a private, non-SEC reporting company. As a result of its plan of reorganization, which received broad support from its creditors, the Company has reduced its debt by approximately $74 million, net, thus positioning the Company for future growth.\u00a0 During the course of its restructuring, SAE continued to maintain global business as usual, preserving its strong relationships with its customers, vendors and employees for the Company\u2019s future.<\/p>\n

\u201cWe are very pleased to have completed this efficient and consensual reorganization, and we look forward to working with our stakeholders and newly-appointed board members as a private company,\u201d said Michael J. Faust, CEO. \u201cI would like to thank our customers, vendors, and our employees whose dedication, patience and hard work have been exceptional throughout. \u00a0Our significantly improved balance sheet and increased capital will put us in an excellent position to compete, while providing the highest quality of service. Our focus on safety and environmental stewardship will remain at the forefront of our business.\u201d<\/p>\n

A Special Committee of the Company\u2019s Board of Directors that was formed in August 2019 to oversee an internal investigation with respect to the previously disclosed SEC investigation of the Company was dissolved on December 7, 2020.<\/p>\n

Last month, the Company entered into a consent agreement with the SEC that resolves all allegations pertaining to the Company with respect to the charges filed by the SEC in October. The joint motion filed by the SEC and SAE in support of the consent agreement notes SAE\u2019s cooperation, remediation and internal investigation, and that:<\/p>\n