We know everything about bankruptcy
11/05/2024
Saturday
11 May 
2004 The longest reality show of the Russian television "Dom-2" started.
2004 The longest reality show of the Russian television "Dom-2" started
1949 The Kingdom of Siam was renamed Thailand.
1949 The Kingdom of Siam was renamed Thailand.
1931 The bankruptcy of the Austrian bank “Credit-Anstalt” began a financial crisis in Central Europe.
1931 The bankruptcy of the Austrian bank “Credit-Anstalt” began a financial crisis in Central Europe.
GULFPORT ENERGY GAS COMPANY FILES FOR BANKRUPTCY
The American corporation Gulfport Energy, which is engaged in natural gas production, filed for bankruptcy in Houston on 13 November. The coronavirus pandemic, which has hit global fuel demand, has prevented the company from continuing to fight the costs of its accumulated debts.
The head office of the company is located in Oklahoma, the gas production itself takes place at the fields of Oklahoma and Ohio. The company announced its existing commitments of $ 2.5 billion - in a message made public last Saturday, there was information about the existing debt restructuring plan, which should reduce payments on obligations by $ 1.25 billion.
The shares of the company, the price of which last year was $ 3.38 per share, fell to the level of 24 cents after filing a bankruptcy petition.
According to the CEO of the energy company David M. Wood, Gulfport Energy plans to emerge from bankruptcy with double leverage in order to achieve positive results in a short time. “These changes will significantly improve our ability to generate cash flow,” Wood said.
In a statement, related to Gulfport Energy, it is said the company has $ 262.5 million in revolving credit facilities, including $ 105 million in funding that will become available after the bankruptcy plan is approved by the court. At the same time, the current creditors of the company are ready to provide $ 580 million as output financing immediately after the company comes out of bankruptcy.
In recent years, more than 230 companies engaged in the development of hydrocarbon reserves have gone through bankruptcy in the United States.
Their total debt, as noted in a June report made by Haynes and Boone Legal Company, exceeded $ 150 billion.
Experts note that investments in the Scoop shale development in Oklahoma played a significant role in the current position of the company. Geology has become too complex, and the number of rigs in Oklahoma, according to research firm Baker Hughes, has been significantly reduced over the past five years.
