Ultra Petroleum (UPLC) is currently in runoff mode. It amended its credit facility to remove the financial maintenance covenants, and has stopped drilling in Pinedale. It should be able to generate a significant amount of positive cash flow in the upcoming quarters, which will go towards paying down its credit facility. It may be allowed in the future to repurchase second-lien and then unsecured debt at a discount, although that will at least require its net first-lien debt to be no more than 3.0x EBITDAX.
Credit Facility Changes
Ultra's amended credit facility removes