The US Bankruptcy Court gave an order to Ultra Petroleum Corp. to obtain DIP financing on a final basis on June 16, 2020. As per the order, the debtor has been authorized to obtain a senior secured super priority term loan credit facility in the amount of $25 million from DIP lenders with Wilmington Trust, National Association, acting as the administrative agent. The DIP loan would either carry an interest rate of LIBOR plus 4% p.a., or ABR plus 3% p.a. The DIP facility would mature either on occurrence of maturity date of the DIP facility or 40 days after the petition date if the final order has not been entered or on the effective date of the plan or on the date of consummation of the sale of substantially all assets, whichever is earlier. Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims which is subject to a carve-out towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral.