January 18, 2019 / 1:09 PM / 4 months ago

Ultra Petroleum can fight $400 mln in unsecured creditor claims – 5th Circuit

The bankruptcy judge who handled the Chapter 11 reorganization of Ultra Petroleum Corp ignored a “mountain” of precedent in ruling that unsecured creditors were entitled to an additional $387 million in damages by contract without considering whether their claims were barred by the U.S. Bankruptcy Code, a federal appeals court held Thursday.

The 5th U.S. Circuit Court of Appeals remanded the case to the bankruptcy judge in Houston with instructions to consider whether it is the reorganization plan, or the code itself, that impaired the creditors’ rights.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2RYJFP2

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