The U.S. Bankruptcy Court approved Ultra Petroleum’s motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including April 15, 2017 and June 15, 2017 respectively.
As previously reported, “This extension is critical to giving the Debtors a stable platform upon which to attempt to ‘fold in’ the Committee and their OpCo stakeholders to the restructuring contemplated by the PSA and, if no consensus can be reached, to prosecute the 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.”
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