Global Geophysical Services, LLC is a seismic-data provider for the oil industry (seismic data estimates “the properties of the Earth‘s subsurface from reflected seismic waves“) and is based in Missouri City, Texas. The company filed for Chapter 11 protection yesterday (Wednesday, August 3rd) and will go out of business. CEO Sean Gore blamed the low oil prices as the reason for needing to file for bankruptcy.
According to court papers, Global Geophysical Services plans on splitting into two companies with one company taking ownership of the valuable assets and the other, liquidating remaining assets. A case number has not been assigned yet.
You can can read the Wall Street Journal’s article here.