Gulfport gets 180-day exclusivity extension to continue negotiations

By Sarah Lizee

Olympia, Wash., March 24 – Gulfport Energy Corp. secured a 180-day extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to an order filed Tuesday with the U.S. Bankruptcy Court for the Southern District of Texas.

Specifically, the court extended the plan filing period through Sept. 13 and the solicitation period through Nov. 8.

The debtors have received court approval of their disclosure statement, and with solicitation underway, they are proceeding toward confirmation in early April.

However, the company said in its motion that hurdles remain before the debtors may emerge from Chapter 11.

“First, the debtors are continuing negotiations with affiliates of TC Energy and Rover Pipeline regarding a potential resolution of the rejection of their firm transportation contracts,” the company said in its motion.

“Second, the debtors are engaged in constructive negotiations with the committee regarding potential modifications to the debtors’ Chapter 11 plan that would resolve the committee’s opposition to confirmation.”

The company said it plans to use the weeks ahead to narrow any remaining issues and work toward consensual resolutions with its stakeholders.

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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