Ultra Petroleum Bankruptcy Reorganization Complete


Ultra Petroleum’s Second Amended Joint Prepackaged Chapter 11 Plan of Reorganization became effective, and the Company emerged from Chapter 11 protection. The U.S. Bankruptcy Court confirmed the Plan on March 10, 2017.

The Debtors also filed a fourth amended supplement to the Plan of Reorganization, which contains the following exhibits: Exhibit A: new organizational documents; Exhibit E:  exit notes indenture; Exhibit F: exit revolving credit agreement; Exhibit G: exit term loan credit agreement; Exhibit M: identity of members to serve on the new board and management of reorganized Holdco. According to a corporate press release, in support of its plan of reorganization, Ultra raised $2.98 billion in exit financing in order to pay creditors in full and preserve significant value for existing equity holders. Additionally, the Company has been approved to list its newly-issued common stock on The NASDAQ Global Select Market and will begin trading April 13, 2017 under the ticker symbol “UPL.”

As previously disclosed, the Company has retained Mr. Watford as the Chairman of its Board of Directors along with each of its pre-emergence independent, non-executive board members, including Dr. W. Charles Helton, its Lead Independent Director, Stephen J. McDaniel, Roger A. Brown, and Michael J. Keeffe. The Company is also pleased to announce that, effective April 12, 2017, it has added Neal P. Goldman and Alan J. Mintz to the Board as new independent, non-executive members. Michael D. Watford, Chairman, President and Chief Executive Officer stated, “We are extremely appreciative of the investors and institutions that supported our plan with the substantial equity and debt capital investments reflected in the nearly $3.0 billion of new financings we closed today. Additionally, we are grateful to our dedicated employees for their continued efforts to operate, manage and grow our business and I thank them for their work during this process.”

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