Ultra Petroleum Files for Bankruptcy Again on Oil Collapse (1)

Ultra Petroleum Corp. filed for bankruptcy a second time as an unprecedented collapse in oil prices left it unable to manage its high debt load.

The company listed $2.56 billion in debt and $1.45 billion in assets in its Chapter 11 bankruptcy filing in Houston. Ultra Petroleum said in a statement that it reached a deal with a majority of its senior creditors that will allow the company to slash about $2 billion of debt. It’s seeking to complete its restructuring within three months, it said.

Englewood, Colorado-based Ultra Petroleum suspended its drilling program in January to bolster free cash ...