Houston-based Ultra recently maxed out its $1 billion credit facility – which was led by JP Morgan - but said even that may not be enough money to keep it from running afoul of its lending covenants.
“Continued low oil and natural gas prices during 2015 have had a significant adverse impact on our business, and, as a result of our financial condition, substantial doubt exists that we will be able to continue as a going concern,” Ultra said in a filing to the US Securities & Exchange Commission (SEC).
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