Ultra Petroleum interim DIP loan OK’d; plan hearing set for June 17

By Caroline Salls

Pittsburgh, May 15 – Ultra Petroleum Corp. received court approval to access $10 million of a proposed $25 million of debtor-in-possession financing on an interim basis, according to an order filed Friday with the U.S. Bankruptcy Court for the Southern District of Texas.

The final hearing is scheduled for June 8.

In addition to the $10 million available on an interim basis, the order said $375,000 in payments will be added to the principal upon the initial drawing.

Wilmington Trust, NA is the DIP financing agent.

The facility will mature in six months, subject to two one-month extensions.

Interest will accrue at the Base rate plus 300 basis points or Eurodollar plus 400 bps.

In addition, the court conditionally approved the disclosure statement for Ultra Petroleum’s pre-packaged plan of reorganization and scheduled a combined plan confirmation and final disclosure statement approval hearing for June 17.

Ultra Petroleum is a natural gas and oil exploration, development and production company based in Englewood, Colo. The company filed bankruptcy on May 14 under Chapter 11 case number 20-32631.

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