Two more publicly traded oil and natural gas companies, with combined debts of more than $5.8 billion, filed for chapter 11 bankruptcy protection in Texas as the industry continues to suffer amid stubbornly low prices. Ultra, which has some $3.8 billion in debt—all of it unsecured—filed for bankruptcy after failing to reach a debt-restructuring deal with its lenders and bondholders, according to an affidavit filed by Chief Financial Officer Garland R. Shaw. Midstates, meanwhile, filed for bankruptcy after reaching a preliminary deal with its lenders and bondholders on the terms of a $2 billion debt-for-equity swap. Both companies, in court filings, pointed to persistently low commodity prices as the reason for their financial woes. Natural gas prices have been depressed for years and prices for crude have undergone a similarly steep decline, according to Nelson M. Haight, Midstates’ CFO. Although benchmark U.S. oil prices have rebounded to around $46 […]