Bankrupt ATP Seeks To Unload Its Deepwater Properties

Law360, New York (January 23, 2013, 3:31 PM EST) -- ATP Oil & Gas Corp. on Tuesday asked a Texas bankruptcy judge for permission to quickly auction off its deepwater drilling properties in the Gulf of Mexico in whole or piece-by-piece, saying the properties' current reserves are worth more than $6 billion.

The Houston-based developer, which has operations both in shallow water and deepwater, argues that a prompt sale of its deepwater interests is the best way to maximize value of its assets for its estate, creditors and other stakeholders.

Furthermore, ATP contends that due to...
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