Ultra Petroleum wins exclusivity extension, must deliver business plan

By Caroline Salls

Pittsburgh, Aug. 26 – Ultra Petroleum Corp. received an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to an order filed Thursday with the U.S. Bankruptcy Court for the Southern District of Texas.

The company’s exclusive filing period was extended through March 1, 2017 from Aug. 29 and the solicitation period through May 1, 2017 from Oct. 26.

The order requires Ultra to produce a business plan by Dec. 1. If it fails to deliver the business plan, the company’s exclusive filing period will terminate on Jan. 16 and the solicitation period on March 16, 2017.

A status conference will be held on Dec. 15 to determine whether Ultra has complied with the business plan requirement.

As previously reported, the company’s official committee of unsecured creditors objected to the length of the exclusivity extension.

“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 extension 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.

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.

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