Gulfport Cleared for Ch. 11 Plan, Cuts Debt by $1.4B

Last November Gulfport Energy, the third-largest driller in the Ohio Utica Shale (by the number of wells drilled), filed for a “pre-arranged” Chapter 11 bankruptcy (see Gulfport Energy Files for Pre-arranged Chapter 11 Bankruptcy). Gulfport’s bankruptcy road has been bumpy (see Gulfport’s Bumpy Bankruptcy – Asset Transfer, Exec Bonuses Questioned). Apparently, the bumps have been smoothed over. Earlier this week the judge in the case approved the plan after Gulfport reached settlement terms with unsecured creditors.

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