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Gulfport Energy Emerges from Bankruptcy

Share Print Bookmark    |    Tuesday,May 18,2021

Gulfport Energy Corp. has successfully completed its restructuring process and emerged from bankruptcy.

Gulfport has exited bankruptcy with a new Board of Directors; a strengthened balance sheet, with $853 million of total debt representing more than $1.2 billion of deleveraging through the Chapter 11 process.

The company currently has approximately $135 million of liquidity.

At emergence, Gulfport's net-debt-to-EBITDA is approximately 1.5x.

CEO Retirement, New Leadership Team

In accordance with the Plan, the Company has appointed a new Board of Directors effective immediately. The Board is comprised of five new directors who are experienced industry professionals: Timothy J. Cutt (Chairman), David Wolf (Lead Independent Director), Guillermo "Bill" Martinez, Jason Martinez and David Reganato.

The Company also announced the retirement of David M. Wood, the Company's President and Chief Executive Officer effective immediately.

Additionally, Quentin Hicks, Gulfport's Chief Financial Officer, has resigned effective immediately to pursue other opportunities.

The Board has appointed Chairman Timothy J. Cutt as Interim Chief Executive Officer and William "Bill" J. Buese as Chief Financial Officer. Mr. Cutt will serve in the interim position at least through year end 2021 and the Board will conduct a search for a permanent CEO at the appropriate time.

Timothy J. Cutt, Chairman and Interim Chief Executive Officer, said: "We want to thank Dave, Quentin and the departing Gulfport Board for their leadership through a complex and challenging Chapter 11 process. Gulfport is emerging from its successful restructuring having materially improved its balance sheet and midstream cost structure, which leaves Gulfport well-positioned for future success. Today, we begin a new chapter at Gulfport with a strategy focused on continuing to reduce costs and generating sustainable free cash flow in an effort to drive shareholder value. In addition, we are committed to an emphasized focus on sustainability, and Gulfport will continue to prioritize safety, environmental stewardship, and maintaining strong relationships with the communities in which we operate."

"I also want to thank the entire Gulfport workforce for their hard work and commitment to the Company and each other through the restructuring process."

Listing on the NYSE

Gulfport's new common shares will be listed on the NYSE under the ticker symbol "GPOR" and is expected to commence trading on May 18, 2021.

Advisors

Kirkland & Ellis LLP and Jackson Walker L.L.P. served as legal co-counsel, Perella Weinberg Partners and its affiliate, Tudor Pickering Holt & Co. served as financial advisors, and Alvarez & Marsal served as restructuring advisor to the Company.