Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: CpsOmis who wrote (50992)	9/14/1999 7:36:00 PM
From: Think4Yourself	Read Replies (1) of 95453

EGEO (soon EGEOQ?) in BIG trouble - hope you stayed away... Eagle Geophysical, Inc. Does Not Make Interest Payment on Senior Notes Within Grace Period HOUSTON, Sept. 14 /PRNewswire/ -- Eagle Geophysical, Inc. (Nasdaq: EGEO - news) has announced that it has not made the interest payment on its $100 million 10 3/4% Senior Notes due 2008 within the 60 day grace period for this payment. This semi-annual interest payment of $5,375,000 was due on July 15, 1999, subject to a 60 day grace period. This grace period expired yesterday, September 13, 1999. As previously announced, Eagle has retained the investment banking firm of CIBC World Markets to serve as its financial advisor in connection with a potential restructuring and recapitalization of the Company. Eagle is continuing its efforts to negotiate a debt restructuring and/or recapitalization of the Company, and hopes to announce the results of its restructuring efforts within the next one to two weeks.

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