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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report
September 13, 1999
(Date of Earliest Event Reported)
EAGLE GEOPHYSICAL, INC.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
000-22863 76-0522659
(Commission File Number) (IRS Employer Identification No.)
2603 Augusta, Suite 1400
Houston, Texas 77056
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (713) 243-6100
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Item 5. Other Events
On September 14, 1999, Eagle Geophysical, Inc. announced that it had
not made the interest payment due on its 10 3/4% Senior Notes due 2008 within
the grace period provided for that payment. The payment of $5,375,000 was due
on July 15, 1999, subject to a 60 day grace period that ended September 13,
1999. Eagle's failure to make this payment constituted an event of default
under the indenture governing these notes. A copy of this press release is
filed as an exhibit to this report.
Item 7. Financial Statements and Exhibits
(c) Exhibits
Exhibit 99.1 - Press Release dated September 14, 1999
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: September 15, 1999
EAGLE GEOPHYSICAL, INC.
By: /S/ JAY N. SILVERMAN
-------------------------------------
Jay N. Silverman, President
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EXHIBIT 99.1
PRESS RELEASE
EAGLE GEOPHYSICAL, INC. DOES NOT MAKE
INTEREST PAYMENT ON SENIOR NOTES WITHIN GRACE PERIOD
Houston, Texas -- September 14, 1999. Eagle Geophysical, Inc.
(Nasdaq:EGEO) 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.
Eagle Geophysical provides onshore and offshore seismic data
acquisition services to the petroleum industry.
Statements in this press release that are not strictly historical are
"forward-looking" statements within the meaning of the Safe Harbor provisions
of the federal securities laws. Investors are cautioned that such statements
are solely predictions and speak only as of the date of this release. Actual
results may differ materially due to risks and uncertainties that are described
in Eagle's Form 10-K for the year ended December 31, 1998 and Form 10-Q for the
second quarter of 1999. These risks include, without limitation, the Company's
dependence on energy industry spending, operating risks, credit risks, and
competition from competitors.
