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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.
Kekst CNC handles Getty Images as it begins a prepackaged Chapter 11 reorganization and receives a commitment from Koch Equity Development to invest $533M in the visual content company.
As capital concentrates among established firms, emerging managers must find new ways to earn investor confidence.
Teneo handles True Food Kitchen as the Scottsdale, AZ-based wellness food restaurant chain that counts Oprah Winfrey as a minority investor files for Chapter 11.
FGS Global and Teneo represent Canada’s billionaire Weston family as its Wittington Investments holding company acquires Boots Group, the 177-year-old UK health & beauty retailer, from Sycamore Partners for $8.9B.
Joele Frank handles C.H. Robinson Worldwide as the freight transportation company acquires RXO Inc. in a stock and cash transaction pegged at $5.8B to create a company with an enterprise value of more than $25B.
