Quantcast
Channel: Daily Bankrupt Company Updates | Bankrupt Company News
Viewing all articles
Browse latest Browse all 4593

Ultra Petroleum Objection Filed

0
0

Ultra Petroleum’s official committee of unsecured creditors filed with the U.S. Bankruptcy Court an objection to the Debtor’s motion to extend their exclusivity periods to file a chapter 11 plan and solicit acceptances thereof.

The objection asserts, “The Committee recognizes that this is the Debtors’ first request for an extension of the Exclusivity Periods, but submits that a six-month extension is excessive, particularly given the limited progress the Debtors have made to date toward restructuring. Instead, the Committee supports a 90-day extension of the Exclusivity Periods conditioned upon entry of an order requiring the Debtors to (i) deliver a term sheet for a proposed chapter 11 plan of reorganization to the Committee on or before October 17, 2016 and (ii) file and begin the prosecution of a chapter 11 plan of reorganization on or before November 28, 2016.”

The objection continues, “A viable chapter 11 plan that benefits the Debtors’ estates and creditors can be negotiated and filed in 2016 if the Debtors are willing to engage with the Committee and other key constituent groups with the same fervor exemplified when seeking approval of the KEIP Motion. Furthermore, while there are thousands of potential unsecured claims, the claims bar date is already set for September 1 and, more importantly; there appear to be only a few material contingent and un-liquidated claims that potentially impact overall distributions to ‘HoldCo’ and ‘OpCo’ creditors. Three of the largest disputed claims are held by members of the Committee and there has been absolutely no engagement with these creditors. Accordingly, a six-month extension is not warranted.”

Read more Ultra Petroleum bankruptcy news.

 

The post Ultra Petroleum Objection Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


Viewing all articles
Browse latest Browse all 4593

Latest Images

Trending Articles



click here for Latest and Popular articles on SAP ERP


Latest Images