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.



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

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