ATP files for bankruptcy

Bankrupt: ATP files for Chapter 11

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Luke Johnson

 17 August 2012 21:47 GMT

Houston-based ATP Oil & Gas filed for Chapter 11 bankruptcy protection after market close on Friday afternoon after a long period of struggles the Gulf of Mexico player traces back to the Macondo disaster.

ATP said it had obtained $617.6 million of debtor-in-possession financing from its current senior lenders, including Credit Suisse.

The lenders will provide $250 million of additional funds, and will refinance the amounts owed to existing first lien lenders that participate in providing additional funds, ATP said in a statement.

The company said it expects its oil and gas operations to continue "in the ordinary course throughout the reorganisation process", which is sees "as a helpful step towards de-leveraging the company to position it for future development of its assets".

ATP has been floundering for…

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