Ultra Petroleum filed with the U.S. Bankruptcy Court a motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including February 28, 2017 and April 30, 2017, respectively.
The motion explains, “The Debtors already have demonstrated that they can obtain consensus in these cases, including with respect to resolving substantially all disputes related to their first- and second-day motions and their employee compensation programs before trial. Furthermore, an extension of the Exclusivity Periods will not prejudice any party in interest: the Debtors are not using cash collateral, do not require DIP financing at this time, and have already increased their cash position by nearly $50 million since the Petition Date (an increase from approximately $221.5 million as of the Petition Date, to approximately $269.5 million as of June 30, 2016….The Debtors submit that an extension of the Exclusivity Periods will not prejudice any party in interest and will allow the stakeholders in these chapter 11 cases to work collaboratively toward a value-maximizing restructuring.”
The Court scheduled an August 25, 2016 hearing on the extension motion. Read more Ultra Petroleum bankruptcy news.
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