ION Geophysical Corporation announced that it has entered into a Forbearance and Fifth Amendment with PNC Bank, National Association, under its Revolving Credit and Security Agreement dated August 22, 2014, pursuant to which PNC has agreed to waive, through and including February 15, 2022, a cross default that would have occurred under the Credit Agreement as ION has not yet paid the scheduled interest payment due on December 15, 2021, on its 8.00% Senior Secured Second Priority Notes due 2025 (the “2025 Notes”) prior to the expiration of the 30-day grace period under the 2025 Notes indenture. In addition, ION also announced that it had entered into agreements with holders of more than 79% of its 2025 Notes to forbear until February 15, 2022 from enforcing their rights and remedies arising as a result of ION's failure to make the December 15, 2021 interest payment due on the 2025 Notes. The forbearances are subject to the terms and conditions of the relevant agreements with PNC and the note holders, which are described in more detail in company's current report on Form 8-K filed with the SEC.

ION remains in continuing discussions with PNC and the holders of its 2025 Notes and other indebtedness regarding various strategic alternatives to strengthen its financial position and maximize stakeholder value. These strategic alternatives include, among others, a sale or business combination transaction or sales of assets, any of which may be executed as part of an in-court or out-of-court restructuring process.