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Gastar Exploration Inc. has emerged from bankruptcy as a private company.
The company has eliminated more than $350 million of debt and preferred equity obligations from its balance sheet. Pursuant to the Plan, the Company also converted its corporate form from a Delaware corporation to a Delaware limited liability company and, therefore, is now known as Gastar Exploration LLC.
Michael A. Gerlich, Chief Financial Officer of the Company, said: "We are pleased to be emerging from chapter 11 and moving forward with a solid financial foundation to continue to build our business. I would like to thank our employees, management team, and financial stakeholders whose participation in the process was central to a successful outcome."
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