Newspaper article THE JOURNAL RECORD

Central Exploration to Become Seisdata Unit

Newspaper article THE JOURNAL RECORD

Central Exploration to Become Seisdata Unit

Article excerpt

When an Oklahoma City geophysical contracting company emerges from Chapter 11 bankruptcy, it will be the subsidiary of a Houston company which went through the same type of bankruptcy proceeding only a few years ago.

Central Exploration Co., 7608 N. Hudson Ave., of Oklahoma City had performed seismic surveys for small independent oil companies in the mid-continent region for 40 years until it filed for protection from its creditors under Chapter 11 of the U.S. Bankruptcy Code Nov. 12, 1986, in the U.S. Bankruptcy Court of the Western District of Oklahoma in Oklahoma City, said Jim Glover, chairman of the board and secretary/treasurer for Central.

When Central's reorganization plan is approved and it is released from Chapter 11, the company will become a subsidiary of Seisdata Services Inc., a Houston seismic exploration company, said Diane Romeo, assistant vice president for Seisdata.

Seisdata filed for Chapter 11 protection in April 1983 and was released from bankruptcy in June 1986, when its major secured creditor, Allied Bank of Texas, approved the agreement it had made and 98 percent of the company's creditors approved the reorganization plan, Romeo said.

Since reorganizing, Seisdata bought Seismic Processors Inc. Oct. 1, 1986. Seismic Processors, now operating as Seisdata's subsidiary, is a Houston firm that did specialized data processing for seismic firms. Seisdata also purchased the assets of a Denver company, General Geophysical, and opened a data processing center in November 1986.

Central's major secured creditor was the First National Bank & Trust Co. of Oklahoma City, which failed July 14, 1986. The Federal Deposit Insurance Corp. appointed Consolidated Asset Management Co. as administrator for the FDIC loans and is now negotiating with Central and Seisdata, Romeo said.

In Central's initial filing at the bankruptcy court, the company reported it had secured debt of $3,1 million owed to two creditors, while other liabilities, excluding contingent or unliquidated claims, totaled $546,800. …

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