Gulfport Energy Corporation’s Chapter 11

Kramer Levin and Paul, Weiss advised the Official Committee of Unsecured Creditors of Gulfport Energy Corporation.

Gulfport Energy Corporation filed for Chapter 11 protection in the United States Bankruptcy Court for the Southern District of Texas on Nov. 13, 2020.

Gulfport emerged from bankruptcy with a new board of directors; a strengthened balance sheet, with $853 million of total debt, representing more than $1.2 billion of deleveraging through the chapter 11 process; and approximately $135 million of liquidity. As a component of the restructuring, unsecured noteholders will receive, among other securities, up to 96% of the equity of the reorganized company. The company’s plan of reorganization was previously confirmed by the U.S. Bankruptcy Court for the Southern District of Texas on April 28.

Gulfport Energy Corporation is an Oklahoma City-based independent oil and natural gas exploration and production company with its principal properties located in the Utica Shale and along the Louisiana Gulf Coast.

The Kramer Levin team was led by Bankruptcy and Restructuring partners Douglas Mannal (Picture), Stephen D. Zide and Rachael Ringer.

The Paul, Weiss team included restructuring partners Alan Kornberg and Robert Britton; litigation partners William Clareman, Walter Rieman and Kannon Shanmugam; tax partner Robert Holo; corporate partners Robert Zochowski, Lawrence Wee, Kenneth Schneider, John Kennedy and Mark Bergman, and counsel Ari Nishitani, Chaim Theil, Jason Tyler and Philip Heimowitz; executive compensation partner Jean McLoughlin and counsel Nicole Tark, Jacob Glazeski, Reuven Falik and Ron Aizen; real estate partner Salvatore Gogliormella; intellectual property partner Claudine Meredith-Goujon; antitrust counsel Marta Kelly; environmental counsel William O’Brien; and international trade counsel Richard Elliott.

Involved fees earner: Douglas Mannal – Kramer Levin Naftalis & Frankel; Rachael Ringer – Kramer Levin Naftalis & Frankel; Stephen Zide – Kramer Levin Naftalis & Frankel; Ron Aizen – Paul Weiss Rifkind Wharton & Garrison; Mark Bergman – Paul Weiss Rifkind Wharton & Garrison; Robert Britton – Paul Weiss Rifkind Wharton & Garrison; William Clareman – Paul Weiss Rifkind Wharton & Garrison; Richard Elliott – Paul Weiss Rifkind Wharton & Garrison; Reuven Falik – Paul Weiss Rifkind Wharton & Garrison; Jacob Glazeski – Paul Weiss Rifkind Wharton & Garrison; Salvatore Gogliormella – Paul Weiss Rifkind Wharton & Garrison; Philip Heimowitz – Paul Weiss Rifkind Wharton & Garrison; Marta Kelly – Paul Weiss Rifkind Wharton & Garrison; John Kennedy – Paul Weiss Rifkind Wharton & Garrison; Alan Kornberg – Paul Weiss Rifkind Wharton & Garrison; Jean McLoughlin – Paul Weiss Rifkind Wharton & Garrison; Claudine Meredith-Goujon – Paul Weiss Rifkind Wharton & Garrison; Ari Nishitani – Paul Weiss Rifkind Wharton & Garrison; William O’Brien – Paul Weiss Rifkind Wharton & Garrison; Walter Rieman – Paul Weiss Rifkind Wharton & Garrison; Kenneth Schneider – Paul Weiss Rifkind Wharton & Garrison; Kannon Shanmugam – Paul Weiss Rifkind Wharton & Garrison; Nicole Tark – Paul Weiss Rifkind Wharton & Garrison; Chaim Theil – Paul Weiss Rifkind Wharton & Garrison; Jason Tyler – Paul Weiss Rifkind Wharton & Garrison; Lawrence Wee – Paul Weiss Rifkind Wharton & Garrison; Robert Zochowski – Paul Weiss Rifkind Wharton & Garrison; Robert Holo – Simpson Thacher & Bartlett;

Law Firms: Kramer Levin Naftalis & Frankel; Paul Weiss Rifkind Wharton & Garrison; Simpson Thacher & Bartlett;

Clients: Gulfport Energy Corp. – Official Committee of Unsecured Creditors;

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Author: Ambrogio Visconti