Ultra IV:  Make-Wholes, Never Say Never Again

Executive Summary On October 14, 2022, the U.S. Court of Appeals for the Fifth Circuit issued its long-awaited decision on the Ultra Petroleum make-whole dispute, holding that:  (1) the make-whole amount under the OpCo Notes is the “economic equivalent” of unmatured interest and, therefore, disallowed under section 502(b)(2) of the Bankruptcy Code; but (2) the