Creditors say lenders control Drilling Support Co.’s Ch. 11

By Rick Archer (May 6, 2022, 7:44 p.m. EDT) – Unsecured creditors of offshore drilling support company Ion Geophysical Corp. are asking a Texas judge to reject the company’s proposed Chapter 11 financing and plan disclosure, saying the company’s secured lenders had too much control over the process.

In objections filed Thursday, the committee of unsecured creditors said an ad hoc group of group lenders is pushing an inadequate plan disclosure and debtor-in-possession financing package that will prevent the committee from properly challenging the loan and allow secured lenders from escaping potentially valuable claims. of Ion.

“The proposed DIP installation and final order is the next critical step in the announcement…

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