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IN RE ULTRA PETROLEUM CORP.

No. 17-20793.

913 F.3d 533 (2019)

IN RE: ULTRA PETROLEUM CORPORATION; Keystone Gas Gathering, L.L.C.; Ultra Resources, Incorporated; Ultra Wyoming, Incorporated; Ultra Wyoming LGS, Incorporated; UP Energy Corporation; UPL Pinedale, L.L.C.; UPL Three Rivers Holdings, L.L.C., Debtors, Ultra Petroleum Corporation; Keystone Gas Gathering, L.L.C.; Ultra Resources, Incorporated; Ultra Wyoming, Incorporated; Ultra Wyoming LGS, Incorporated; Up Energy Corporation; UPL Pinedale, L.L.C.; UPL Three Rivers Holdings, L.L.C., Appellants, v. Ad Hoc Committee of Unsecured Creditors of Ultra Resources, Incorporated; OpCo Noteholders, Appellees.

United States Court of Appeals, Fifth Circuit.

FILED January 17, 2019.

Attorney(s) appearing for the Case

Paul D. Clement , George W. Hicks, Jr. , C. Harker Rhodes, IV , Kirkland & Ellis, L.L.P., Washington, DC, for Appellants.

Andrew M. Leblanc, Esq. , Milbank, Tweed, Hadley & McCloy, L.L.P., Washington, DC, Lauren Doyle , Dennis F. Dunne , Evan R. Fleck , Milbank, Tweed, Hadley & McCloy, L.L.P., New York, NY, William Richard Greendyke , Norton Rose Fulbright US, L.L.P., Houston, TX, for Appellee AD HOC COMMITTEE OF UNSECURED CREDITORS OF ULTRA RESOURCES, INCORPORATED.

David Bruce Salmons, Esq. , Morgan, Lewis & Bockius, L.L.P., Washington, DC, Peter Sabin Willett, Esq. , Amelia C. Joiner , Morgan, Lewis & Bockius, L.L.P., Boston, MA, Renee M. Dailey , Morgan, Lewis & Bockius, L.L.P., Hartford, CT, Andrew J. Gallo , Morgan, Lewis & Bockius, L.L.P., New York, NY, for Appellee OPCO NOTEHOLDERS.

David Andrew Baay , Garrett Gibson , Mark David Sherrill , Bankruptcy Counsel, Eversheds Sutherland (US), L.L.P., Houston, TX, Edward P. Christian , Eversheds Sutherland (US), L.L.P., Atlanta, GA, for Intervenors.

Before DAVIS, ENGELHARDT, and OLDHAM, Circuit Judges.

These bankruptcy proceedings arise from exceedingly anomalous facts. The debtors entered bankruptcy insolvent and now are solvent. That alone makes them rare. But second, the debtors accomplished their unlikely feat by virtue of a lottery-like rise in commodity prices. The combination of these anomalies makes these...

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