Quarterly report for Q3 2020 out (unaudited). The highlight is that net loss decreased from $3.04/share to $2.37/share. That is a pretty substantial improvement! Their revenues did decrease substantially, which was no surprise given that they scaled back operations quite a bit. This did result however in a substantial decrease in operating expenses, leading to the overall improvement in net loss.
Overall I take this report as a positive, in that it shows that they are well aware of the precarious position they are in financially and that they have taken concrete steps to deal with this, and that those steps are helping. Granted those steps alone are not enough to get them back on solid footing-thus some type of restructuring is necessary. Their creditors do seem to be working with them in good faith on this. I still say that it would actually be in the creditors' best interest to allow a deal that would not torpedo common shareholders. This would result (in all likelihood) in the stock price increasing, which would boost GPOR's valuation and ultimately allow them to pay off more of their debt. More debt payments and less debt having to be forgiven would obviously be good for creditors. In fact this scenario would be a win for everyone, so hopefully it will play out that way.
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