Gulfport Energy statement draws objection from unsecured creditors

By Sarah Lizee

Olympia, Wash., Feb. 17 – Gulfport Energy Corp.’s disclosure statement drew an objection from the official committee of unsecured creditors, according to a notice filed Tuesday with the U.S. Bankruptcy Court for the Southern District of Texas.

“The debtors’ disclosure statement contains glaring deficiencies and misleading statements regarding the proposed treatment for unsecured creditors under the [restructuring support agreement] plan,” the committee said.

“Rather than inform unsecured creditors of the parent debtor, in straightforward terms, that their recoveries will be but a tiny fraction of those of subsidiary unsecured creditors, the disclosure statement obfuscates, implying that all unsecured creditors will share in a common pool.

“And, having obscured the unfortunate truth that unsecured creditors of the parent will receive de minimis recoveries, the disclosure statement then fails to clearly describe the supposed rationale for such disparate treatment.”

The committee said the deficiencies are “just the latest example” of the debtors’ unwillingness or inability to provide stakeholders with information necessary to make informed judgments.

A hearing on approval of the disclosure statement is scheduled for Feb. 19.

Gulfport is a natural gas and oil company based in Oklahoma City. The company filed Chapter 11 bankruptcy on Nov. 13 under case number 20-35562.

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