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Reevemark is handling Gulfport Energy’s Chapter 11 filing that will shed $1.25B in debt from the company's balance sheet.
The Oklahoma City-based natural gas producer is the latest energy company to declare bankruptcy as energy prices plummet due to falling demand during the COVID-19 pandemic.
The company lost $561M during the second quarter on revenues of $132.4M
CEO David Wood said Gulfport’s “legacy debt burden in addition to significant legacy firm transportation commitments created a balance sheet and cost structure that was unsustainable in the current market environment.”
He expects Gulfport will emerge from Chapter 11 with a “much-improved cost structure” allowing it to “significantly improve our ability to generate cash flow and value for our stakeholders going forward.”
Reevemark’s Hugh Burns, Paul Caminiti and Nicholas Leasure represent Gulfport.
FGS Global handles Fox Corp. as it agrees to acquire The Roku Channel, which relies on Joele Frank, in a deal valued at $22B.
Caterpillar’s Rob Rengel will join ATI Inc. on June 22 as VP-investor relations, succeeding the retiring David Weston.
Hut 8, energy infrastructure platform, has named NextEra Energy's Mark Eidelman head of IR and SVP of strategic finance.
Teneo handles easyJet as Minneapolis investment firm Castlelake mulls a possible takeover of the British budget airline.
Brunswick Group represents Universal Music Group as it rejects the unsolicited $65B takeover offer by billionaire Ed Ackman's Pershing Square Capital Management because it “fundamentally and materially undervalues” the world’s largest music company.
