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Big Law

Appeals Court Reverses Order to Make Lenders Whole After Oil Company Bounces Back After Bankruptcy

A Fifth Circuit panel reversed a bankruptcy court’s ruling that required Ultra Petroleum Corp. to pay roughly $400 million to creditors after the company’s “anomalous” pull-out from Chapter 11 bankruptcy proceedings amid rebounding oil prices.

The Fifth Circuit’s opinion accredits Ultra Petroleum’s ability to pull out of Chapter 11 to a “lottery-like rise in commodity prices.”

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