Ultra Petroleum requests exclusivity extension ‘to forge consensus’

By Caroline Salls

Pittsburgh, Feb. 2 – 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 June 29 from Feb. 28 and the solicitation period through Aug. 29, 2017 from April 30.

Ultra Petroleum said the extension is critical to giving it a stable platform upon which to attempt to “fold in” the official committee of unsecured creditors and operating company stakeholders to the restructuring contemplated by its plan support agreement and, if no consensus can be reached, to prosecute a plan.

“The debtors are hopeful that, based on their steady progress to date, that they will be able to use a further extension to forge consensus on a restructuring that will maximize recoveries for all stakeholders,” the motion said.

The company requested a Feb. 22 hearing.

Ultra Petroleum is a Houston-based independent exploration and production company. The company filed bankruptcy on April 29, 2016 under Chapter 11 case number 16-32202.

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