Ultra Petroleum Corp., along with its affiliates, filed a joint plan of reorganization with related disclosure statement in the US Bankruptcy Court on May 14, 2020. As per the plan filed, administrative claims, statutory fees, professional fee claims, payment of certain fees, priority tax claims and other priority claims of $11 million will be paid full in cash. DIP facility claims of $25 million and other secured claims of $54 million will be paid in full in cash. First lien RBL claims of $53 million will have a recovery rate of 85% and will be recover in the form of debt. First lien term loan claims of $973 million with a recovery rate of 78%-81% and second lien notes claims of $606 million with a recovery rate of 4% will be paid in the form of equity. General unsecured claims of $737 million will have no distribution and cancelled, ongoing trade claims of 6 million will be reinstated, intercompany claims and intercompany interest will be reinstated while interests in Ultra petroleum and UP Energy will be cancelled. Section 510(b) claims and non-debtor claims will receive no distribution. The plan will be funded through cash in hand, sale of assets, Exit RBL facility, issuance of new interests and rights offering.