Ultra Petroleum Corp., one of the largest oil and natural-gas drillers in Wyoming, filed for bankruptcy on Friday, after struggling with nearly $2 billion of debt left on its books after its previous restructuring amid a historic slump in energy prices, the Wall Street Journal reported. The Englewood, Colo.-based company filed for chapter 11 in U.S. Bankruptcy Court in Houston with a plan to slash $2 billion in debt, most of which it took on when it emerged from bankruptcy in April 2017. The new deal, a pre-packaged bankruptcy, has the backing of 85 percent of Ultra’s senior lenders and 67 percent of its second-lien, or junior, lenders. Under the prepackaged bankruptcy plan, Ultra aims to exit chapter 11 within three months. Creditors who have signed on to the company’s restructuring plan are Avenue Capital Group, Bain Capital Credit LP, Goldman Sachs Group Inc.’s Special Situations Investing Group, Citadel Advisors LLC and GoldenTree Asset Management LP, court filings show.
