Opportune Serves As Restructuring Advisor for Gastar Exploration
Houston-based Gastar Exploration Inc. (the "Company") on October 26, 2018 announced that it entered into a restructuring support agreement ("RSA") with the Company's largest (and only) funded-debt creditors and largest common shareholders, certain funds affiliated with Ares Management LLC (collectively, "Ares"), as it prepares for a pre-packaged Chapter 11 plan of reorganization.
The RSA eliminate more than $300 million of the Company's debt and will provide $100 million in new, committed financing to fund Gastar's restructuring process and ongoing business operations.
Houston Business Journal: "Houston Upstream Energy Co. Reaches Restructuring Agreement, Will File Ch. 11"