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STACK Operator Files for Bankruptcy
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Gastar Exploration has filed for bankruptcy.
The company has entered into a restructuring support agreement with its largest (and only) funded-debt creditors and largest common shareholders, certain funds affiliated with Ares Management LLC.
The agreed restructuring was developed after extensive marketing efforts failed to yield any viable proposals to repay or refinance the Company's existing indebtedness or to sell the Company or its assets.
Ares has agreed to support the Company's restructuring, which will result in trade creditors and other operational obligations unimpaired, eliminate more than $300 million of the Company's funded-debt obligations and preferred equity interests, cancel existing common equity interests, and provide $100 million in new, committed financing to fund the Company's restructuring process and ongoing business operations.
The restructuring will be implemented through a pre-packaged chapter 11 plan of reorganization and chapter 11 cases to be filed in the Bankruptcy Court for the Southern District of Texas.
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