ION announces order in WesternGeco case cutting appeal bond to $65M
ION Geophysical Corporation announced that on November 14, 2016, the trial court issued an order in the previously-reported lawsuit of WesternGeco L.L.C. v. ION Geophysical Corporation that reduced the amount of the appeal bond from $120M to $65M, ordered the sureties to pay principal and interest on the royalty previously awarded in the amount of approximately $22M and declined to issue a final judgment until after consideration of whether enhanced damages should be awarded in the case. Brian Hanson, ION's Chief Executive Officer, commented, "While we were disappointed with the unusual decision by the trial court ordering the sureties to pay the royalty damages and interest without a final judgment, we intend to respect the trial court's decision by transferring up to $22M to WesternGeco in lieu of having WesternGeco exercise its remedies against the sureties. It comes at a time where we have both right sized our business and built sufficient liquidity of approximately $80M to both fund this payment and support normal business operations."