Restructuring Information
On May 17, Gulfport successfully completed its restructuring process and emerged from chapter 11 with a strengthened balance sheet and materially improved midstream cost structure. This follows confirmation of the Company’s Plan of Reorganization (the “Plan”) by the U.S. Bankruptcy Court for the Southern District of Texas (the “Court”) on April 28, 2021.
As contemplated by the Plan, Gulfport has exited bankruptcy with a new Board of Directors; a strengthened balance sheet, with $853 million of total debt representing more than $1.2 billion of deleveraging through the Chapter 11 process; and approximately $135 million of liquidity. At emergence, Gulfport’s net-debt-to-EBITDA is approximately 1.5x. Gulfport’s new common shares will be listed on the NYSE under the ticker symbol "GPOR" and is expected to commence trading on May 18, 2021.
Gulfport is beginning this new chapter with a strategy focused on continuing to reduce costs and generating sustainable free cash flow in an effort to drive shareholder value. In addition, the Company is committed to an emphasized focus on sustainability, and Gulfport will continue to prioritize safety, environmental stewardship, and maintaining strong relationships with the communities in which it operates.
Additional Information
If you have additional questions about the process, please refer to the materials on this site or visit our claims agent’s website at https://dm.epiq11.com/Gulfport, or call our claims agent at (888) 905-0409 (toll free) or +1 (503) 597-7687 (international).
For additional information about Gulfport, please visit the news or investors sections of our website.
