Shale gas producer Gulfport Energy files for Chapter 11 bankruptcy protection

摘要

Shale gas producer Gulfport Energy and its subsidiaries on Nov. 13 filed for Chapter 11 bankruptcy protection with the US Bankruptcy Court for the Southern District of Texas. The Utica Shale driller issued a "going concern" warning with its second-quarter earnings report and has since missed multiple interest payments on its notes, including a payment due Oct. 15. Gulfport Energy said it entered Chapter 11 in order to implement a restructuring support agreement the corporation entered into with more than 95% of its revolving credit facility lenders and certain noteholders owning over two-thirds of the outstanding amount of its senior unsecured notes, according to a Nov. 14 news release. The restructuring plan is slated to eliminate roughly $1.25 billion in funded debt and decrease its annual cash interest expense.