Ultra Petroleum announced fourth quarter and full-year 2016 operating and financial results, reporting adjusted net income of $119.2 million, or $0.77 per diluted share, and operating cash flow of $145.1 million for the quarter ended December 31, 2016.
The Company reported adjusted net income of $245.2 million, or $1.59 per diluted share, and operating cash flow of $346.7 million for the full year. The announcement notes that if the U.S. Bankruptcy Court confirms the Company’s current Plan in mid-March 2017, the following will occur: The operating company private placement notes of $1.46 billion, and the operating company credit facility of $999.0 million will be repaid in full in cash.
The Company’s $1.3 billion in senior notes will be repaid in full in common equity, and Company’s existing equity holders will receive at least 41% of the reorganized equity.
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