Another Oklahoma energy company is seeking bankruptcy protection

The number of energy companies either headquartered or operating within Oklahoma filing for bankruptcy continues to climb.

Gulfport Energy became the latest and at least the ninth just in the past couple of years to seek the assistance on Saturday, when it filed a case seeking Chapter 11 status in the U.S. Bankruptcy Court for the Southern District of Texas.

Gulfport’s filing is based upon a Restructuring Support Agreement (RSA) its petition states it negotiated with lenders. It said the agreement also has been accepted by investors who hold more than two thirds of its senior unsecured debt. Plus, certain noteholders have committed to backstop a minimum new money investment of $50 million by agreeing to take convertible preferred stock in exchange.

The company also proposes to issue $550 million of new senior unsecured notes under the plan to existing unsecured creditors of certain Gulfport subsidiaries.

Read more: https://oklahoman.com/article/5676308/another-oklahoma-energy-company-is-seeking-bankruptcy-protection