Gulfport Energy Files for Chapter 11 Bankruptcy with $2.5 Billion in Debt

Gulfport Energy Corporation, which owns and operates oil and gas properties within the Louisiana Gulf Coast, filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of Texas on November 13.

Like many other energy companies, Gulfport has faced a series of COVID-19 related tribulations that have significantly weakened the company’s balance sheet. As of September 30, the company reported accumulating approximately $2.5 billion in debt. 

Gulfport entered a restructuring support agreement with more than 95% of its existing lenders under its revolving credit facility. As part of the restructuring plan, Gulfport expects to extinguish approximately $1.25 billion of its debt, and reduce its annual cash interest expenses going forward. Additionally, Gulfport wil...

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