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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
July 15, 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 July 15, 1999, Eagle Geophysical, Inc. announced that it had not
made the interest payment due on its 10 3/4% Senior Notes due 2008, and that if
it did not make such payment within 60 days, this payment default would
constitute 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 July 15, 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: July 19, 1999
EAGLE GEOPHYSICAL, INC.
By: /s/ JAY N. SILVERMAN
-------------------------------------
Jay N. Silverman, President
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EXHIBIT INDEX
EXHIBIT
NUMBER DESCRIPTION
- ------ -----------
99.1 Press Release dated July 15, 1999
99.2 Press Release dated July 19, 1999
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EXHIBIT 99.1
PRESS RELEASE
EAGLE GEOPHYSICAL, INC. EXERCISES GRACE PERIOD
FOR INTEREST PAYMENT ON SENIOR NOTES
HOUSTON, TEXAS July 15, 1999 -- Eagle Geophysical, Inc. (NASDAQ: EGEO) has
announced today that it did not make the semi-annual interest payment of
$5,375,000 due today on its $100 million 10 3/4% Senior Notes due 2008. Under
the indenture governing these notes, Eagle has a 60 day grace period in which to
make this interest payment.
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. It is Eagle's policy, absent unusual circumstances, not to comment
publicly on discussions concerning proposals that may be considered or
transactions that may be pending. Eagle intends, absent unusual circumstances,
to refrain from making further announcements or reports regarding the
restructuring and/or recapitalization unless and until a definitive agreement
has been executed by the Company. There can be no assurances that Eagle will be
able to consummate any restructuring or recapitalization. If Eagle is not
successful in its efforts to restructure and/or recapitalize the Company, it may
not be able to make the interest payment on its 10 3/4% Senior Notes due 2008
within the 60 day grace period.
Eagle Geophysical is a leading provider of 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
first quarter of 1999. These risks include, without limitation, the Company's
dependence on energy industry spending, operating risks, credit risks, and
competition from competitors.
