Gulfport Energy, a major player in Ohio’s Utica Shale, is expected to file for a chapter 11 reorganization in the coming days, Kallanish Energy reported. The company, its revolver lenders and unsecured bondholders are expected to seek approval for a restructuring support agreement that includes debtor-in-possession financing. The Oklahoma-based company is dealing with about $2 billion in debt. The filing is expected in U.S. Bankruptcy Court in Houston, Texas. The company said that it is continuing “ongoing constructive discussions with its lenders and certain other stakeholders regarding a potential comprehensive financial restructuring to strengthen the company’s balance sheet and financial position.” That statement was part of a Gulfport filing on Friday with the U.S. Securities and Exchange Commission. On the previous day, the company elected to go into a 30-day grace period and to defer making the interest payment due on Oct. 15 with respect to its 6.0 percent senior unsecured notes due 2024. Gulfport said it has 30 days to make the interest payment before going into default.
