GeoResources, Inc.

Website Links

Description

Charles Sorrentino, GSE’s Director and Chief Executive Officer said “GSE is very pleased to have obtained approval of its Disclosure Statement today. We are committed to completing our reorganization as quickly as possible and are targeting emergence from bankruptcy shortly after our Confirmation Hearing. Our financial restructuring is critical in positioning us for the future by providing a significantly improved capital structure.

Executive Chairman and Chief Executive Officer Marcelino Fernández Verdes said: “We are in the process of undertaking an in-depth review which has led us to the strategic blueprint that we are announcing today. “We are maintaining our focus on recovering existing receivables and on improving our approach to working capital management. “In addition, we are analysing options for our Services, Property and John Holland businesses including the potential divestment or introduction of new partners to these businesses.

GSE is a global manufacturer and marketer of geosynthetic lining solutions, products and services used in the containment and management of solids, liquids and gases for organizations engaged in waste management, mining, water, wastewater and aquaculture. GSE has a long history of manufacturing quality geosynthetic lining systems and developing innovative products. The Company's principal products are polyethylene-based geomembranes, geonets, geocomposites, geosynthetic clay liners, concrete protection liners and vertical barriers.

International drilling contractor Saxon Energy Services Inc. is a wholly owned subsidiary of Schlumberger, the world's leading provider of oilfield services. Saxon chose to enter into the engineering contract based on Bauer's history of innovative machinery manufacturing, its long-standing experience in the automation of unconventional drilling rigs and the flexibility of its development work. Bauer and Saxon have been cooperating for some time, and that collaboration will now be intensified further.

Chris Griffith, chief executive stated: “I am very pleased that we have reached an agreement which has been the result of dialogue and collaboration from both sides. The entire process has been challenging for all parties involved, but we would not have reached a resolution without the dedication and support of government, in particular the Department of Mineral Resources, Department of Labour, the Labour Court, platinum producers and organised labour. It has been a long and difficult journey but we have reached a reasonable outcome for all parties.

Companies nearby