UP Energy announced that the company emerged from bankruptcy on September 14, 2020 after receiving court confirmation on August 22, 2020. UP Energy Corp. was converted to a Delaware LLC, and Ultra Petroleum Corp. will be dissolved. The company eliminated $2.0 billion in debt. At emergence, the company entered into a syndicated reserve-based revolving credit facility with a $60 million commitment amount and an initial borrowing base of $100 million. A new board of directors has been appointed. Centerview Partners served as an advisor to the company, and Evercore served as an advisor to senior creditors.