Ultra Petroleum committee objects to length of exclusivity extension

By Caroline Salls

Pittsburgh, Aug. 18 – Ultra Petroleum Corp.’s official committee of unsecured creditors objected to the length of the company’s proposed exclusivity extension, according to a Wednesday filing with the U.S. Bankruptcy Court for the Southern District of Texas.

“The committee recognizes that this is the debtors’ first request for an extension of the exclusivity periods but submits that a six-month extension is excessive, particularly given the limited progress the debtors have made to date toward restructuring,” the objection said.

The committee said it supports a 90-day extension of the exclusive periods, instead of the requested six-month extension, conditioned upon entry of an order requiring Ultra to deliver a term sheet for a proposed Chapter 11 plan to the committee by Oct. 17 and to file the plan by Nov. 28.

“From the committee’s viewpoint, the debtors intend to remain parked in Chapter 11 well into 2017 without any real urgency to meet with the committee or formulate a viable Chapter 11 plan,” the committee said.

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.