Gulfport Energy Skips Interest Payment, Negotiates with Lenders

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In a Form 8-K filed on November 5, 2020, Gulfport Energy Corporation announced that it has elected to enter into a 30-day grace period and defer making the interest payment due November 2, 2020 with respect to its 6.625% senior unsecured notes due 2023 (the 2023 Notes) “while it continues 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.” Pursuant to the indenture for the 2023 Notes dated April 21, 2015 (the Indenture), the Company has 30 days to make such interest payment prior to such deferral becoming an “Event of Default” under the Indenture.

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