S&P Downgrades SAExploration (SAEX) to 'CC'; Outlook Remains Negative
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SAExploration Announces New Financing and Entry Into Comprehensive Restructuring Support Agreement
June 13, 2016 4:18 PM EDTHOUSTON, June 13, 2016 (GLOBE NEWSWIRE) -- SAExploration Holdings, Inc. (NASDAQ: SAEX) (OTCBB: SAEXW), or SAE, today announced that it has entered into a comprehensive restructuring support agreement (the Restructuring Support Agreement) with holders (the Supporting Holders) of approximately 66% of the par value of SAEs 10.000% Senior Secured Notes due 2019 (the Existing Notes), pursuant to which the Supporting Holders and SAE have agreed to enter into and implement a proposed comprehensive restructuring of SAEs balance sheet, which will include an agreement to fund up to $30 million in new capital,... More
