Ultra Emerges From Bankruptcy After Completing Restructuring

UP Energy said conditions to effectiveness of its Chapter 11 Plan of Reorganization were satisfied and Ultra emerged from bankruptcy.

• UP Energy converted from a Delaware corporation to a Delaware limited liability company and changed its name to UP Energy
  • Ultra Petroleum, a Yukon corporation will be dissolved in connection with the emergence process
• Through its financial restructuring, the company eliminated about $2 billion of indebtedness from its balance sheet
• The company entered into a syndicated reserve-based revolving credit facility with a $60 million commitment amount and an initial borrowing base of $100 million
• Upon emergence, a new board of ...