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FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT: SEPTEMBER 30, 1997
GRANT GEOPHYSICAL, INC.
(Exact name of registrant as specified in its charter)
DELAWARE
(State or other jurisdiction of incorporation)
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000-18816 84-0766570
(Commission File Number) (I.R.S. Employer Identification Number)
16850 PARK ROW
HOUSTON, TEXAS 77084
(Address of principal executive offices) (Zip Code)
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Registrant's telephone number, including area code: (281) 398-9503
SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
GRANT GEOPHYSICAL, INC.
(Registrant)
Dated: September 30, 1997 By: Larry E. Lenig, Jr.
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Larry E. Lenig, Jr.
President and Chief Operating Officer
(Principal Executive Officer)
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ITEM 5. OTHER EVENT - CONSUMMATION OF REORGANIZATION PLAN
Under the reorganization plan, Elliott Associates L.P. of New York,
has acquired substantially all of Grant's assets in exchange for $47.5
million in cash and the assumption of certain liabilities. Following
the acquisition, Elliott will operate the business under the name of
Grant Geophysical, Inc.
Distributions to secured creditors are expected to begin immediately
and will be completed by about year end. Payments to unsecured
creditors are expected to begin by early 1998 and be completed by the
middle of the year. Unsecured creditors and preferred shareholders
will also be able to participate in a rights offering, on specific
terms to be announced. The rights offering is expected to commence in
1998 and is subject to the effectiveness of a Registration Statement
to be filed by the Company.
As detailed in the reorganization plan, the Company's $2.4375
Convertible Exchangeable Preferred Stock and Common Stock will be
canceled, extinguished and/or retired as of September 30, 1997. The
Company has filed a Form 15 with the Securities and Exchange
Commission as notice of termination of the Company's registration and
suspension of any further required filings.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) None.
(b) None.
(c) Exhibits:
99.01 Press Release dated September 30, 1997 regarding the
consummation of the Company's Reorganization Plan.
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EXHIBIT INDEX
99.01 Press Release dated September 30, 1997 regarding the consummation
of the Company's Reorganization Plan.
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[GRANT GEOPHYSICAL LOGO]
FOR IMMEDIATE RELEASE
CONTACT: LARRY E. LENIG, JR.
PRESIDENT
281-647-5201
OR MICHAEL P. KEIRNAN
CHIEF FINANCIAL OFFICER
281-647-5203
NEWS RELEASE
GRANT GEOPHYSICAL CONSUMMATES REORGANIZATION PLAN
Houston, Texas - September 30, 1997 - Grant Geophysical, Inc. said that it has
completed its previously announced reorganization plan.
Under the plan, which was overwhelmingly endorsed by the Company's creditors
and preferred shareholders, Elliott Associates L.P. of New York, has acquired
substantially all of Grant's assets in exchange for $47.5 million in cash and
the assumption of certain liabilities. Following the acquisition, Elliott will
operate the business under the name of Grant Geophysical, Inc.
Distributions to secured creditors are expected to begin immediately and will
be completed by about year end. Payments to unsecured creditors are expected
to begin by early 1998 and be completed by the middle of the year. Unsecured
creditors and preferred shareholders will also be able to participate in a
rights offering on specific terms to be announced. The rights offering is
expected to commence in 1998 and is subject to the effectiveness of a
Registration Statement which the Company intends to file with the Securities
and Exchange Commission.
Grant Geophysical, Inc. and its subsidiaries and affiliates provide land and
transition zone seismic services in the United States, South America, Central
America and the Far East. The Company employs approximately 2,500 people in
its worldwide operations.
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