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    Bankruptcy looms for Dolphin Geophysical

    Company News // December 11, 2015

    Refering to an earlier announcement of 4 December 2015 by Dolphin Group and its subsidiary Dolphin Geophysical,  regarding a restructuring of the group’s debt and capital structure, Dophin Geo says that although it has continued to work closely with its advisors it has yet to reach an agreement with its main stakeholders.

    "Without a firm solution accepted by the group’s main stakeholders, and in light of its financial situation, the board of directors of the company is of the opinion that the business cannot be continued as currently carried out," saif the company in a statement.

    "The Board of Directors has on such basis resolved to search for alternative solutions, and unless a sufficiently acceptable solution has soon been reached with stakeholders, the company will have no choice but to file for insolvent liquidation."

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