Gastar Emerges from Chapter 11 Bankruptcy
Gastar Exploration Inc. has emerged from Chapter 11 Bankruptcy, the company announced Jan. 22.
The pure play Mid-Continent independent energy company’s reorganization plan was confirmed by the U.S. Bankruptcy Court for the Southern District of Texas on Dec. 20, 2018.
Through the process, Gastar eliminated more than $350 million of debt. The plan also included the company’s conversion to its corporate form from a Delaware corporation to a Delaware limited liability company. It’s now known as Gastar Exploration LLC.
“We are pleased to be emerging from chapter 11 and moving forward with a solid financial foundation to continue to build our business,” Gastar CEO Michael Gerlich said in a printed statement. “I would like to thank our employees, management team and financial stakeholders whose participation in the process was central to a successful outcome.”
Gastar originally announced it was entering into a restructuring support agreement with Ares Management LLC Oct. 26.
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