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Ultra Petroleum's lenders give it breathing room on maturity and interest payments

Published 2016-03-02, 12:40 p/m
© Reuters. Ultra Petroleum's lenders give it breathing room on maturity and interest payments

NEW YORK, March 2 (Reuters) - Lenders to a subsidiary of
Ultra Petroleum Corp UPL.N , an oil and gas exploration and
production company with operations in Utah, Pennsylvania and
Wyoming, gave it a waiver on over $100 million in payments that
were due March 1, the company said on Tuesday.
The waiver and amendment agreements also cover potential
defaults under the subsidiaries' other debt agreements through
April 30, 2016, the company said. According to Ultra Petroleum's
annual report, it has an interest payment of approximately $26
million due April 1.
The company had a $62 million maturity payment due March 1
under one series of senior notes, and a $40 million interest
payment due the same day under the senior notes.
A call to an Ultra spokesperson was not immediately
returned.
Ultra warned in a regulatory filing on Monday that its
auditors have raised doubts about its ability to stay in
business and that it may have to seek bankruptcy protection in
the United States or Canada. L2N1681Z7
Ultra also recently borrowed $266 million, the remainder of
its revolving credit facility.

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