Financially troubled ocean bottom node seismic player Axxis Geo Solutions has received creditors’ approval for its restructuring plan after it filed for bankruptcy protection in February.
The Oslo-listed company said that 106 out of the 110 creditors voted in favor of the reconstruction proposal.
In addition, Axxis has obtained acceptance for a voluntary debt settlement from the creditors in the group companies.
As a result, Axxis will pay out approximately $7m in cash and issue approximately 424m shares to its creditors, which should take place no later than June 30, 2021.
The conversion shares will be in addition to shares that will be issued in connection with the NOK144.5m ($17.5m) private placement.
“Following a successful reconstruction, Axxis will have a balanced financial position and good liquidity reserves to support continued operations. We’re pleased that 106 creditors voted in favor of the proposal, representing in aggregate over 98% of claims outstanding from eligible creditors, “said Nina Skage, board member of Axxis and part of the reconstruction team.