25 Apr 2017director interest notice● Neutral
Alan J. Mintz became a ULTRA PETROLEUM CORP director and company insider (initial ownership filing).
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
25 Apr 2017director interest notice● Neutral
Neal P Goldman became a ULTRA PETROLEUM CORP director and company insider (initial ownership filing).
25 Apr 2017director interest notice● Neutral
Alan J. Mintz became a ULTRA PETROLEUM CORP director and company insider (initial ownership filing).
24 Apr 2017director interest notice● Neutral
Fir Tree INC. became a ULTRA PETROLEUM CORP 10%+ owner and company insider (initial ownership filing).
21 Apr 2017substantial holder notice● Neutral
Scoggin International Fund, Ltd, Scoggin Worldwide Fund, Ltd, SB Special Situation Master Fund SPC &#, Scoggin Management LP, Scoggin GP LLC, Old Bellows Partners LP, Old Bell Associates LLC, A. Dev Chodry, Craig Effron, Curtis Schenker disclosed a new substantial ULTRA PETROLEUM CORP shareholding (7.80% of votes).
20 Apr 2017director interest notice● Neutral
Neal P Goldman became a ULTRA PETROLEUM CORP director and company insider (initial ownership filing).
12 Apr 2017listing compliance notice▲ GoodMajor
Nasdaq certified ULTRA PETROLEUM CORP's securities for listing, clearing them to begin trading.
12 Apr 2017securities registration● Neutral
ULTRA PETROLEUM CORP amended its automatic shelf registration statement.
12 Apr 2017securities registration● Neutral
ULTRA PETROLEUM CORP amended its automatic shelf registration statement.
12 Apr 2017securities registration● Neutral
ULTRA PETROLEUM CORP amended its automatic shelf registration statement.
27 Mar 2017substantial holder notice● Neutral
Whitebox Advisors LLC, Whitebox General Partner LLC disclosed a new substantial ULTRA PETROLEUM CORP shareholding (5.10% of votes).
16 Mar 2017bankruptcy or receivership● NeutralMajor
On March 14, 2017 the bankruptcy court confirmed Ultra's Second Amended Plan, with a court-determined plan value of $6.0B. The company is targeting the plan going effective within about 30 days but gives no assurance. On the effective date, the existing common stock (153,418,041 shares outstanding as of Feb 9, 2017) is cancelled; shareholders receive a proportionate share of new equity and rights to buy more in the rights offering, both diluted by the incentive plan. Ultra Resources' debt is to be paid in full in cash, funded by exit financing of $1.4B of notes (or bridge loans), a $600.0M term loan, up to $400.0M of revolver and $580.0M from rights offerings.
22 Feb 2017quarterly activities report▼ Bad
ULTRA PETROLEUM CORP reported a quarterly net loss of $34.4 million for the period ended 2016-12-31.
15 Feb 2017material agreement● Neutral
On February 10, 2017, Ultra and the supporting noteholders and shareholders amended the November 2016 Plan Support Agreement. The supporting parties agreed that the plan term sheet, modified to match how the Second Amended Plan treats Ultra Resources' funded debt and general unsecured claims, is reasonably satisfactory to them. The filing gives no new dollar terms. It keeps the plan's backers in line with the revised plan.
13 Feb 2017substantial holder notice● Neutral
Disciplined Growth Investors, Inc reported a ULTRA PETROLEUM CORP shareholding of 13,952,754 shares (9.00% of votes) in a periodic institutional filing.
13 Feb 2017substantial holder notice● Neutral
Scoggin Capital Management II LLC, Scoggin International Fund, Ltd, Scoggin Worldwide Fund, Ltd, SB Special Situation Master Fund SPC &#, Scoggin Management LP, Scoggin GP LLC, Old Bellows Partners LP, Old Bell Associates LLC, A. Dev Chodry, Craig Effron, Curtis Schenker reported a ULTRA PETROLEUM CORP shareholding of 8,657,561 shares (5.60% of votes) in a periodic institutional filing.
10 Feb 2017substantial holder notice● Neutral
Warlander Asset Management, LP, Eric Cole reported a ULTRA PETROLEUM CORP shareholding of 15,233,279 shares (9.93% of votes) in a periodic institutional filing.
10 Feb 2017substantial holder notice● Neutral
Salt Run Capital, Inc, John W. Straker Jr disclosed a new substantial ULTRA PETROLEUM CORP shareholding (4.07% of votes).
9 Feb 2017material agreement▲ GoodMajor
On February 8, 2017, Ultra obtained a commitment letter from Barclays for up to $2.4B of exit financing tied to the reorganization plan: a $600.0M seven-year term loan, a $400.0M five-year revolver (initial borrowing base $1.0B), and $1.4B of unsecured bridge loans. The expected blended interest rate is about 5.10%, though it could be higher or lower. The commitment is conditional and ends May 9, 2017 at the latest. The same day Ultra filed a Second Amended Plan; this financing is how the plan's cash payments are to be funded.
1 Feb 2017substantial holder notice● Neutral
Invesco Ltd reported no remaining ULTRA PETROLEUM CORP shareholding in its periodic institutional filing.
22 Nov 2016material agreement● NeutralMajor
On November 21, 2016, Ultra signed a Plan Support Agreement with some holders of its 2018 and 2024 notes and some shareholders, plus a Backstop Commitment Agreement, setting out a proposed reorganization plan. At a $6.0B enterprise value, existing shareholders would get 41% of the new equity plus rights to buy a further 5.4% in a $580.0M rights offering; noteholders would get 36.2% plus rights for 16.1%; backstoppers get 1.3%; all subject to dilution by a 7.5% management incentive plan. Ultra Resources' creditors would get $2.0B of new notes plus cash. The plan value can move to $5.5B or $6.25B depending on gas prices. This is the first concrete restructuring terms after the Chapter 11 filing, and the plan still needs court confirmation.
27 Oct 2016quarterly activities report● Neutral
ULTRA PETROLEUM CORP reported a quarterly net income of $98.4 million for the period ended 2016-09-30.
27 Oct 2016quarterly activities report● Neutral
ULTRA PETROLEUM CORP reported a quarterly net income of $98.4 million for the period ended 2016-09-30.
26 Aug 2016substantial holder notice● Neutral
Scoggin Capital Management II LLC, Scoggin International Fund, Ltd, Scoggin Worldwide Fund, Ltd, SB Special Situation Master Fund SPC &#, Scoggin Management LP, Scoggin GP LLC, Old Bellows Partners LP, Old Bell Associates LLC, A. Dev Chodry, Craig Effron, Curtis Schenker disclosed a new substantial ULTRA PETROLEUM CORP shareholding (5.00% of votes).
11 Aug 2016quarterly activities report● Neutral
ULTRA PETROLEUM CORP reported a quarterly net income of $14.0 million for the period ended 2016-06-30.
9 Aug 2016quarterly activities report● Neutral
ULTRA PETROLEUM CORP reported a quarterly net income of $14.0 million for the period ended 2016-06-30.
19 May 2016listing compliance notice● NeutralMajor
ULTRA PETROLEUM CORP's exchange filed to remove a class of its securities from listing.
12 May 2016substantial holder notice● Neutral
Warlander Asset Management, LP, Eric Cole disclosed a new substantial ULTRA PETROLEUM CORP shareholding (11.08% of votes).
3 May 2016bankruptcy or receivership▼ BadMajor
On April 29, 2016, Ultra Petroleum and seven subsidiaries (including Ultra Resources) filed for Chapter 11 reorganization in the Southern District of Texas. This made the parent's 2018 and 2024 notes, the Ultra Resources credit agreement and its senior notes immediately due, though enforcement is automatically stayed. This follows the waiver period that was due to end April 30, 2016, and the talks with creditors did not avoid a filing. On May 2, 2016 the NYSE suspended trading and found the stock no longer suitable for listing; the company chose not to appeal and expects trading on the OTC Pink market as "UPLMQ" from May 3. This ends the earlier NYSE $1.00 price-deficiency thread.
2 May 2016director interest notice● Neutral
W Patrick Ash became a ULTRA PETROLEUM CORP V.P., Development and company insider (initial ownership filing).