The US Bankruptcy Court approved the second amended joint plan of reorganization and disclosure statement of Ultra Petroleum Corp. on August 22, 2020 The debtor has filed its second amended plan in the Court on August 19, 2020. As per the amended plan, 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 with an unknown amount having a recovery rate of 4% will be paid in the form of equity. General unsecured claims of $737 million will be paid through pro rata share of general unsecured claims settlement distribution, 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, exit term loan facility and issuance of new interests and rights offering.