Budget Impasse Puts ATP Bankruptcy Financing At Risk

Law360, Houston (June 10, 2013, 10:16 PM EDT) -- Beleaguered ATP Oil & Gas Corp. told a Texas bankruptcy court on Monday that it had been unable to agree on a proposed operating budget with bankruptcy lenders and that its access to cash could be cut off in a matter of days.

Joined by its consortium of debtor-in-possession lenders headed by Credit Suisse Group AG, ATP notified the bankruptcy court that it had reached an impasse attempting to hammer out a revised debtor-in-possession budget, missing a June 5 deadline and triggering a cash flow shutdown...
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