⁍ Ultra Petroleum on Monday announced a settlement with its unsecured creditors’ committee.
⁍ The deal locks in key support for the oil and gas company’s proposed reorganization plan.
⁍ But it still faces opposition from shareholders who are contesting Ultra’s estimated value.
– A bankruptcy judge has given the green light to Ultra Petroleum’s plan to emerge from Chapter 11 after the company reached a settlement with its unsecured creditors’ committee, the Wall Street Journal reports. According to Westlaw Today, the deal increases cash recoveries for general unsecured creditors to $3 million from $250,000 previously, plus 9% of any proceeds from ongoing litigation over bondholder make-whole premiums. That litigation stems from Ultra’s prior Chapter 11 case in 2016 and is still pending before the judge.
Source: https://www.reuters.com/article/bankruptcy-ultra/in-brief-ultra-petroleum-makes-peace-with-junior-creditors-but-restructuring-troubles-remain-idUSL1N2FC1XX