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Ultra Petroleum Stipulation Approval Sought

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Ultra Petroleum filed with the U.S. Bankruptcy Court a motion for approval of a stipulation and consent order between the Debtors and Big West Oil.

Under the stipulation, “Each of the Big West Claims shall be deemed to be reduced to $17,350,000, and Big West shall be deemed to have an allowed general unsecured claim against each of the Debtors in the amount of $17,350,000 (collectively, the ‘Agreed Claims’). The Agreed Claims shall not be subject to any offset, counterclaims, objections, reductions or modifications….The Agreed Claims shall be treated as claims in Class 9 and Class 11 under the Debtors’ First Amended Joint Chapter 11 Plan of Reorganization.” The Court scheduled a February 22, 2017 hearing to consider the stipulation.

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