Ultra Petroleum Corp. Announces Favorable Opinion for Company on Make-Whole Litigation Appeal
ULTRA PETROLEUM CORP COMMON (UPL)
Last ultra petroleum corp common earnings: 5/9 06:00 am
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ultrapetroleum.com
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Source: GlobeNewswire
ENGLEWOOD, Colo., Jan. 17, 2019 (GLOBE NEWSWIRE) -- Ultra Petroleum Corp. ("Ultra Petroleum" or the “Company”) (NASDAQ: UPL) announces that earlier today, the U.S. Court of Appeals for the Fifth Circuit delivered a favorable opinion in the appeal proceedings by Ultra Petroleum about the make-whole claims that had been asserted against the Company. This is a victory for Ultra Petroleum, reversing a bankruptcy court decision that had required the Company to pay approximately $400 million to various creditors following the Company’s emergence from Chapter 11 proceedings. “We are very pleased with the Fifth Circuit’s decisive opinion reversing and remanding the prior judgment against Ultra Petroleum. We remain committed to this appeals process and ultimately believe the outcome of any final decision will be consistent with today’s Fifth Circuit ruling, which would result in the recoupment back to the Company of up to approximately $260 million of non-settled claim amounts that were pre
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