Ultraviolet Petroleum (UPL) to defer $26m interest payment due April 1

U.S-based oil and gas explorer Ultra Petroleum Corp., deferred making an interest payment of approximately $26m on its 6.125% bonds due 2024. The payment was due to creditors on 1 April 2016.

The company, as per its indenture governing the 2024 notes, permits it a grace period of 30 days to make the interest payment.

Failure to either make a payment within the grace period, or obtain a waiver from the bond holders of the 2024 notes would result in a technical default.

Source: StreetInsider

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