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.