On May 14, 2020, Ultra Petroleum Corp. (“Ultra” or the “Company”) (OTCQX: UPLC) filed voluntary petitions for a court-supervised reorganization under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas, Houston Division.
The Company has reached an agreement in principle, as described in the Restructuring Support Agreement, with support from 100% of its reserve base lenders, 85% of its first lien term loan lenders and 67% of its second lien lenders (the “Supporting Creditors”) to substantially deleverage its capital structure and strategically position the Company for long-term success.
The Company has secured a commitment for financing of $25 million from certain holders of the Company’s first lien term loan, which combined with cash on hand and its normal operating cash flow, is expected to allow Ultra to maintain normal operations and meet ongoing financial commitments throughout the Chapter 11 restructuring period.
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- Vendor FAQ
- Royalty Owner FAQ
- Investor FAQ
- Royalty Acknowledgement Letter
- Mineral Payment Motion
All Restructuring Inquiries: 1-877-606-3608
Court filings and other information related to the court-supervised proceedings are available on a separate website administered by the Company’s claims agent at http://cases.primeclerk.com/ultrapetroleum