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.
The new directors are Timothy J. Cutt (Chairman), David Wolf (Lead Independent Director), Guillermo “Bill” Martinez, Jason Martinez and David Reganato. Biographies for the directors can be found here. The Board has appointed Mr. Cutt Interim Chief Executive Officer and William “Bill” J. Buese as Chief Financial Officer, effective immediately. Mr. Cutt replaces David M. Wood, who retired from Gulfport, and Mr. Buese replaces Quentin Hicks, who resigned to pursue other opportunities.
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).