5th Circ. Ultra Petroleum Ruling Poses Key Debtor Question

By Sean Scott, Adam Paul, Brian Trust, Tom Kiriakos and Tyler Ferguson (January 10, 2020, 5:36 PM EST) -- On Nov. 26, 2019, the U.S. Court of Appeals for the Fifth Circuit held in Ultra Petroleum Corp. v. Ad Hoc Committee of Unsecured Creditors of Ultra Resources[1] that the U.S. Bankruptcy Code limits in certain respects the right of creditors to enforce contractual claims for a "make-whole" premium owed under a note agreement as the result of the debtor's prepayment of the notes. The Ultra Petroleum case may ultimately lead to a decision addressing the unresolved questions of whether, and in what circumstances, a claim for a make-whole premium must be disallowed as "unmatured interest" under Section 502(b)(2) of the Bankruptcy Code....

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