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Ultra Petroleum gets 5¾%, 6 1/8% noteholder support for plan agreement
By Caroline Salls
Pittsburgh, Nov. 23 – Ultra Petroleum Corp.’s plan support agreement and backstop commitment have obtained support by holders of more than 66.67% in principal amount of its outstanding 5¾% senior notes due 2018 and 6 1/8% senior notes due 2024, according to a news release.
“The fact that more than two-thirds of our Ultra Petroleum Corp. senior noteholders are now in support of our plan support agreement attests to the strength of the deal that we have reached with these stakeholders and demonstrates that our restructuring process has made significant progress,” president and chief executive officer Michael Watford said in the release.
Ultra Petroleum is a Houston-based independent exploration and production company. The company filed bankruptcy on April 29, 2016 in the U.S. Bankruptcy Court for the Southern District of Texas under Chapter 11 case number 16-32202.
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