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 ...