Bankruptcy / Restructure Update | Capital Markets
Ultra Petroleum Quietly Files Chapter 11 Bankruptcy
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In what might seem like a "one liner", Ultra Petroleum on Friday April 29, 2016 file chapter 11 bankruptcy. The following notification was posted on the company's website.
"On April 29, 2016 Ultra Petroleum Corp. voluntarily chose to financially restructure itself through a court-supervised process under Chapter 11 of the U.S. Bankruptcy Code.
Ultra expects operations to continue as normal throughout the court-supervised financial restructuring process. The Company expects to continue paying vendor, royalty, and working interest partners on a go-forward basis in the ordinary course of business. This restructuring process will allow us to continue production while we strengthen our balance sheet and position Ultra for long-term success."
Debt
The company currently has $3.9 billion dolloars in long-term debt. In an earlier release, the company noted it has "drawn down" its entire facillity. Back in March, the company did warn of possible chapter 11 filing in its 10k.
Ultra Petroleum Operating Areas
Ultra Petroleum 2016 Capital Program
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