Natural Gas Producer Gulfport Energy Files for Bankruptcy
Natural gas is flared off at a plant outside of the town of Cuero, Texas, on March 26, 2015. (Spence..
Natural gas is flared off at a plant outside of the town of Cuero, Texas, on March 26, 2015. (Spencer Platt/Getty Images)
Natural gas explorer and producer Gulfport Energy Corp filed for Chapter 11 bankruptcy on Friday, becoming the latest to succumb to weak crude prices as COVID-19 pandemic crimps fuel demand.
In a statement on Saturday, Gulfport said it has secured $262.5 million in debtor-in-possession financing from its existing lenders under its revolving credit facility, including $105 million in new money that will be available upon court approval.
By Rama Venkat