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Ultra Petroluem rockets 73% after debt forbearance deal

Last updated: 15:18 02 Mar 2016 EST, First published: 10:18 02 Mar 2016 EST

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Debt delay plan

Ultra Petroleum (NYSE:UPL) shares rocketed by three-quarters on Wednesday after the company announced a two-month forbearance agreement with all of its lenders.

The debt-besieged independent oil and gas company which only yesterday faced the prospect of Chapter 11 bankruptcy by March 15 stepped away from the brink.

Ultra's debt consists of around $2.45bn of loans at its largest operating subsidiary, Ultra Resources, and $1.3bn of notes at the holding company, Ultra Petroleum. The Ultra Petroleum notes are structurally subordinated to the borrowings at the operating company.

Ultra Petroluem shares were last seen up 73% at $0.63, its highest level in two weeks.

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