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Gold/Mining/Energy : Eagle Geophysical (Nasdaq:EGEO)

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To: CoffeePot who wrote ()	5/27/2000 1:35:00 PM
From: Ken Ludwig	Read Replies (1) of 31

Any ideas? Don Earl do you read this thread? Friday May 26, 7:08 pm Eastern Time Eagle Geophysical files reorganization plan HOUSTON, May 26 (Reuters) - Eagle Geophysical Inc. (Nasdaq:EGEO - news), which provides seismic data acquisition services to the petroleum industry, said on Friday it filed its Chapter 11 bankruptcy reorganization plan, which provides for payment of secured claims and an option for unsecured claims. The company did not disclose the amount of outstanding claims and a spokesman was not immediately available for comment. The option for holders of unsecured claims totalling $100,000 or less offers either a cash payment of 15 percent of their claims or shares of new common stock in the reorganized company. The plan also allows the company's bondholders and remaining allowed unsecured creditors to get the new common stock. The company originally filed for bankruptcy protection in September 1999 in the U.S. Bankruptcy Court for the District of Delaware . The reorganized company plans to sell its remaining marine assets and conduct business as an onshore and transition zone seismic data acquisition company.

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