By Becky Yerak

Oil-services provider SAExploration Holdings Inc., which received millions in coronavirus aid from the federal government, filed for bankruptcy with plans to hand ownership of most of the business to lenders and bondholders as a way to deal with challenges facing the energy industry.

The company, which provides seismic data to the oil-and-gas industry, filed for chapter 11 in U.S. Bankruptcy Court in Houston on Thursday and said it has reached an agreement with most of its creditors to restructure a roughly $130 million debt load, eliminating about $74 million in liabilities from its balance sheet.

Seeking protection from creditors was the best way to deal with its debt and to navigate the uncertainty of the global economy due to the coronavirus pandemic, along with the lower demand for oil, Chief Executive Mike Faust said.

The Wall Street Journal reported earlier this month that SAExploration was likely to file for bankruptcy.

The Securities and Exchange Commission and the Justice Department are investigating SAExploration over matters related to revenue recognition, accounts receivables and tax credits. The Alaska Department of Revenue is looking into the business over matters related to Alaska tax credit certificates.

The Houston-based company has laid off nearly a third of its workforce this year and, along with related entities that aren't part of the bankruptcy, currently has 132 employees.

One of its largest unsecured debts is a $6.8 million loan it received through the Paycheck Protection Program under the Coronavirus Aid, Relief and Economic Security Act. That loan isn't expected to be affected by the bankruptcy. Companies don't have to repay the loans if they are used mainly to pay employees, preventing layoffs.

Without the PPP loan, SAExploration said it would have been forced to cut more employees.

SAExploration is publicly traded but Whitebox Advisors LLC owns more than a third of the company's equity. DuPont Capital Management owns about 15%.

Creditors agreeing to the restructuring deal include Whitebox and DuPont, as well as BlueMountain Capital Management LLC, Highbridge Capital Management LLC and Amzak Capital Management LLC.

Lenders owed about $20 million under a credit agreement are expected to recoup as much as 70 cents on the dollar. Term loan lenders owed $29 million could recover around 3 cents on the dollar. Convertible bondholders owed $60 million could receive a penny on the dollar.

Data providers like SAExploration use seismic waves to uncover underground reservoirs of oil and natural gas. The company began operating 14 years ago in Peru as Exploración Sudamericana, or South American Exploration. It then expanded into Colombia, Papua New Guinea and Australia. In 2011, South American Exploration changed its name to SAExploration and, that same year, it entered the North American market with the acquisitions of businesses in Canada and Alaska.

In 2013, a deal with blank check company Trio Merger Corp. made SAExploration a publicly traded business. A couple of years ago, SAExploration acquired Geokinetics Inc., which also provided seismic data, out of bankruptcy.

SAExploration said it hopes to emerge from bankruptcy before the end of November.

Porter Hedges LLP is the bankruptcy law firm for SAExploration and four related companies. Imperial Capital LLC and Winter Harbor LLC are providing investment banking and financial advice.

The case, number 20-34306, has been assigned to Judge Marvin Isgur.

--Colin Kellaher contributed to this article.

Write to Becky Yerak at becky.yerak@wsj.com