Gulfport Cleared For Ch. 11 Plan Cutting $1.4B Of Debt

By Vince Sullivan (April 27, 2021, 9:28 PM EDT) -- Bankrupt natural gas exploration company Gulfport Energy received court approval Tuesday in Texas for its Chapter 11 plan of reorganization that cuts its funded debt load by $1.4 billion and secures new post-bankruptcy financing of $580 million to provide new liquidity going forward.

During a virtual hearing, debtor attorney Steven N. Serajeddini of Kirkland & Ellis LLP said the company had revised the plan it filed alongside its November bankruptcy petition, with the new proposal resulting in a better recovery for unsecured creditor groups.

"All the sides engaged in good faith negotiations, and the efforts paid off in the form of...

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