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Ultra Petroleum flags going concern risk, warns of bankruptcy

Published 2016-02-29, 01:58 p/m
© Reuters. Ultra Petroleum flags going concern risk, warns of bankruptcy
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Feb 29 (Reuters) - Natural gas producer Ultra Petroleum Corp
UPL.N said its auditors had raised doubts about its ability to
stay in business and that it may have to seek bankruptcy
protection in the United States or Canada.
The company, reeling from a prolonged slump in commodity
prices, said on Feb. 18 that it was considering strategic
alternatives and that it had engaged Kirkland & Ellis LLP as
legal adviser and Rothschild and Petrie Partners as financial
advisers.
Ultra Petroleum said in a regulatory filing on Monday that
it expects to default on a credit agreement on March 15.
The company said it would file for bankruptcy protection if
it failed to make debt payments, restructure debt or secure
additional capital.
Ultra Petroleum had $3.76 billion in total outstanding debt
principal as of Feb. 29.
The company had $1.46 billion due between March 2016 and
October 2025 and $630 million due in October 2016.
Ultra Petroleum had a market capitalization of $53.6 million
as of Friday's close.
The company's shares were up 5.8 percent at 37 cents in
mid-afternoon trading.

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