Ultra Petroleum files for bankruptcy

Ultra Petroleum Corp., an oil and gas explorer, filed for bankruptcy with $1.3bn of assets and $3.9bn of debt on a prolonged downturn in oil prices.

The company has requested, in courts, to permit it to continue with its surety bonding programme ($12.6m outstanding), which secures its obligations on plugging of wells, environmental damage and road damage.

Previously,  the company missed certain interest payments on its debt. Further, Sempra Rockies Marketing LLC, a pipeline operator sued Ultra for failure to pay it transport fees.

Source:  Bloomberg

 

 

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