In Play $GOK Super PYCK
6:57AM Geokinetics disclosed it entered into a Purchase and Sale Agreement with Seismic Exchange for $10 mln in cash; co also entered into commitment letter with Avista Capital Partners to obtain debt financing (GOK) 1.90 : On March 15, 2012, co entered into a Purchase and Sale Agreement with Seismic Exchange, pursuant to which the co agreed to sell to SEI certain North American seismic data in exchange for $10 mln in cash. The Agreement provides that thecony will retain the right to receive 75% of the net revenues (as defined in the Agreement) generated and collected on the Data until the earlier of such time as the co receives a total of $2 mln in net revenues or March 7, 2017. If the co receives $2 mln in net revenues prior to March 7, 2017, then the co will thereafter retain the right to receive 50% of the net revenues generated until March 7, 2017. The closing of the transaction is expected to occur in March 2012, and is subject to the satisfaction of certain conditions to closing.
Co also entered into a commitment letter with Avista Capital Partners and Avista Capital Partners (Offshore) to obtain debt financing from Avista until Jan 1, 2013. Avista agreed to purchase up to an additional $10 mln in aggregate principal amount of co's 9.75% senior secured notes and enter into foreign loan facilities to be secured by the assets of certain of the co's non-U.S. subsidiaries that would be drawn down from time to time concurrently with the purchase by Avista of any U.S. Notes.
