ATP Creditors Demand Trustee Or Liquidation

Law360, New York (February 11, 2013, 6:53 PM EST) -- ATP Oil & Gas Corp.'s unsecured creditors asked a Texas bankruptcy court Sunday to appoint a trustee or liquidate the oil-and-gas developer, saying ATP is bleeding cash and needs to be protected from its own management.

Houston-based ATP is in a "death spiral" as it cedes control to its debtor-in-possession financing lenders, blows past unrealistic deadlines, scares away potential buyers with its incompetent management and has even rebuffed an offer by the unsecured creditors to help arrange vendor financing, the unsecured creditors committee argued.

"In its...
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