Gulfport Energy files Chapter 11 to implement financial restructuring
Tuesday, November 17, 2020
Gulfport Energy Corporation recently filed for Chapter 11 with $2.5 billion in liabilities as its 30-day grace period for missed bond payments comes to an end, according to StreetInsider.com.
Gulfport has entered into a Restructuring Support Agreement that is a “pre-negotiated” restructuring plan that will strengthen its balance sheet, significantly reduce its funded debt and lower ongoing operational costs.
Gulfport expects to eliminate approximately $1.25 billion in funded debt and significantly reduce its annual cash interest expense. It will also issue $550 million of new senior unsecured notes to existing unsecured creditors of certain Gulfport subsidiaries.
Learn more: StreetInsider.com > Gulfport Enters Into Restructuring Support Agreement for Pre-Arranged Plan of Reorganization to Reduce Debt by Approximately $1.25 Billion and Significantly Improve its Cost Structure
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