The U.S. Bankruptcy Court confirmed Ultra Petroleum’s Revised Second Amended Chapter 11 Plan.
According to the Plan, “The New Board shall have seven (7) members. The five (5) members of the HoldCo Board as of the date prior to the Effective Date shall remain on the New Board post-Effective Date and two (2) additional directors reasonably acceptable to the Chairman of the pre-Effective Date HoldCo Board shall be selected prior to the Effective Date by the existing board of directors after solicitation from a list of director candidates proposed by individual members of the HoldCo Noteholder Committee and the Equityholder Committee.”
In addition, “These two (2) additional directors shall have a two-year term and the votes of such directors shall be required to approve any Material M&A Transaction during such two-year term. Michael D. Watford shall remain Chairman of the New Board post-Effective Date.”
The Plan provides for the Company to raise $590 million in equity via a rights offering, and Ultra Petroleum has arranged for $2.4 billion in exit financing provided from Barclays Bank to fund its emergence. This oil and gas producer filed for Chapter 11 protection on April 29, 2016, listing $972 million in pre-petition assets.
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