US shale firm Gulfport Energy exits bankruptcy
May 19, 2021 2:15:pm
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by: Daniel Graeber
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US shale firm Gulfport Energy exits bankruptcy
US shale producer Gulfport Energy said May 18 it emerged from Chapter 11 bankruptcy protection with a new board and an improved balance sheet.
After a tumultuous year of pandemic strains, and aiming to eliminate roughly $1.25bn in debt, the company started a restructuring process in November.
“Gulfport has exited bankruptcy with a new board of directors; a strengthened balance sheet, with $853mn of total debt representing more than $1.2bn of deleveraging through the Chapter 11 process; and approximately $135mn of liquidity,” its May 18 statement read.
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