Houston-based Gastar Exploration Inc. (OTCQB: GSTC) will soon file for Chapter 11 bankruptcy protection to implement a new restructuring plan. 

The upstream energy company announced in a late Oct. 26 press release that it reached a restructuring support agreement with certain funds affiliated with Ares Management LLC, which hold substantially all of Gastar’s outstanding debt and are also the largest beneficial owners of its common stock. Through the agreement, Gastar will eliminate more than…

Houston Biz Journal
Houston upstream energy co. reaches restructuring agreement, will file Ch. 11