Last November the Gulfport Energy, the third-largest driller in the Ohio Utica Shale (by the number of wells drilled), filed for a “pre-arranged” Chapter 11 bankruptcy (see Gulfport Energy Files for Pre-arranged Chapter 11 Bankruptcy). Gulfport’s bankruptcy has been a bumpy process according to recent filings in the case. According to a “heavily revised” disclosure statement filed by Gulfport, there are “concerns” from the Debtors’ Official Committee of Unsecured Creditors about Gulfport (the parent) transferring $1 billion worth of assets to a subsidiary, Gulfport Appalachia, when both were likely insolvent. And the court is actively looking at over $19.6 million of management bonuses paid in the eight months preceding the Chapter 11 filing, asking whether that money should now be “clawed back” and given to creditors.
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