Ultra Petroleum wins final court approval of $25 million DIP loan

By Caroline Salls

Pittsburgh, June 16 – Ultra Petroleum Corp. received final court approval to access $25 million of debtor-in-possession financing, according to an order filed Tuesday with the U.S. Bankruptcy Court for the Southern District of Texas.

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.

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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