March 2, 2016 / 5:43 PM / 2 years ago

Ultra Petroleum's lenders give it breathing room on maturity and interest payments

NEW YORK, March 2 (Reuters) - Lenders to a subsidiary of Ultra Petroleum Corp, an oil and gas exploration and production company with operations in Utah, Pennsylvania and Wyoming, gave it a waiver on over $100 million in payments that were due March 1, the company said on Tuesday.

The waiver and amendment agreements also cover potential defaults under the subsidiaries’ other debt agreements through April 30, 2016, the company said. According to Ultra Petroleum’s annual report, it has an interest payment of approximately $26 million due April 1.

The company had a $62 million maturity payment due March 1 under one series of senior notes, and a $40 million interest payment due the same day under the senior notes.

A call to an Ultra spokesperson was not immediately returned.

Ultra warned in a regulatory filing on Monday that its auditors have raised doubts about its ability to stay in business and that it may have to seek bankruptcy protection in the United States or Canada.

Ultra also recently borrowed $266 million, the remainder of its revolving credit facility. (Reporting by Jessica DiNapoli; Editing by Dan Grebler)

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