Natural gas producer Ultra Petroleum Corp. said 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, Reuters reported yesterday. Ultra Petroleum said in a regulatory filing yesterday that it expects to default on a credit agreement on March 15, and would file for bankruptcy protection if it failed to make debt payments, restructure debt or secure additional capital. The company also has a looming $62 million payment due March 1 and a $40 million interest payment due the same day on its senior notes. As of Sept. 30, Ultra had $25.6 million in cash, according to public filings. Read more.
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