ATP 'on verge of bankruptcy'

Bankruptcy: ATP said to be on the verge of filing

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By Luke Johnson & news wires

 10 August 2012 20:17 GMT

Reports swirled on Friday that US Gulf player ATP Oil & Gas was on the verge of filing for bankruptcy.

The news sent ATP's shares down more than 70% on Friday.

The Houston-based company has arranged $600 million in "debtor-in-possession" loan financing with Credit Suisse, Bloomberg reported, citing two people with "direct knowledge" of the matter.

A bankruptcy filing could come as soon as Friday, one of the people told the news wire.

ATP has had a rough summer, losing its newly appointed chief executive, Matt McCarroll, less than a week into the job. McCarroll resigned on 7 June after he and the company were “unable to reach a mutually agreeable employment…

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