Ultra Petroleum eyes six-month exclusivity extension, cites complexity

By Caroline Salls

Pittsburgh, July 28 – Ultra Petroleum Corp. requested an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to a motion filed Wednesday with the U.S. Bankruptcy Court for the Southern District of Texas.

The company asked the court to extend the exclusive filing period through Feb. 28, 2017 from Aug. 29 and the solicitation period through April 30, 2017 from Oct. 26.

“Given the size and complexity of their businesses, the debtors expect that it will take months to complete their key restructuring initiatives, which are gating items to designing and negotiating a viable Chapter 11 plan,” Ultra Petroleum said in the motion.

In addition, the company said it will need time to address other contingencies and work with the debtors’ numerous stakeholders in an effort to build the support necessary for confirmation of a Chapter 11 plan.

The company requested an Aug. 25 hearing.

Ultra Petroleum is a Houston-based independent exploration and production company. The company filed bankruptcy on April 29 under Chapter 11 case number 16-32202.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.