According to a Wall Street Journal report, Ultra Petroleum has won approval on a bankruptcy exit plan that converts $1.3 billion in debt and common stock to equity in the reorganized oil and gas business.

The plan provides for Ultra to raise $580 million in equity capital through a rights offering plus another $2.4 billion in exit financing.

According to the Journal, citing court documents, Ultra Entities obtained a commitment letter from Barclays Bank to provide Ultra Resources with exit financing consisting of secured and unsecured financing in an aggregate amount of up to $2.4 billion, including a proposed senior secured first lien revolving credit facility in an aggregate amount of $400 million.