OAG360 Publishers Notes: Gulfport skips 17.39 MM bond payment, entering a 30-day grace period…OAG360 analysts expect an announce shortly Chp.11 restructuring.
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Gulfport Energy didn’t make a payment due Oct. 15 on some of its debt while it continues to negotiate with lenders over a possible restructuring, the company said in a filing Friday.
More details:
- The oil and gas producer skipped a payment on its 6% notesdue 2024
- Gulfport has a 30 day grace period to make the payment before it’s considered an event of default
- Company is under forbearance with its lenders until Oct. 29, according to the filing
- Its credit facility was cut to $580 million from $700 million on Oct. 8
