One of the largest natural gas producers in the United States – Gulfport Energy Corp. – has declared bankruptcy and intends to restructure the business following Article 11 of the US Bankruptcy Code, Interfax-Ukraine reports.
The restructuring plan, which will allow Gulfport to reduce debt by $1.25 billion, has received the support of the vast majority of the company's creditors.
The company will receive a $262.5 million loan from its lenders, which will cover operating expenses during the restructuring period.
Gulfport Chief Financial Officer Quentin Hicks said the persistence of low gas prices for a long time and the crisis caused by the Covid-19 led the company to bankruptcy. A few weeks ago, Gulfport missed the due date for the next interest payment on bonds maturing in 2024.
As part of the restructuring, the company will issue new bonds of $550 million.
Gulfport shares fell 46.5% in Monday trading. Since the beginning of this year, their value has fallen by 96%.
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