Ultra Negotiating With Creditors Over $3.76 Billion Debt

摘要

Executives with Ultra Petroleum Corp. said the company has so far been unable to obtain relief on debt covenants from several of its creditors. It is working on forbearance agreements with some of them to allow more time to restructure its debt - all unsecured - which currently stands at $3.76 billion. The Houston-based exploration and production (E&P) company also said that it recently borrowed the remaining $266 million from its $1 billion revolving credit facility. Ultra said its total debt obligations include $450 million of unsecured notes that are due in 2018, plus another $850 million due in 2024. Another $999 million is due under Ultra's credit agreement and $1.46 billion from its parent company, Ultra Resources Inc.