Oil & Gas Developer ATP Heads To Ch. 11

Law360, New York (August 17, 2012, 8:51 PM EDT) -- ATP Oil & Gas Corp. filed for Chapter 11 protection Friday in Texas, citing dramatically reduced cash flows from the deepwater drilling moratorium placed on the Gulf of Mexico after the 2010 Deepwater Horizon oil spill.

The Houston-based developer, which has 90 percent of its oil wells in the Gulf of Mexico, listed assets of $3.6 billion and liabilities of $3.5 billion in its Chapter 11 petition. In a statement Friday, ATP said it had obtained $617.6 million in debtor-in-possession financing from existing senior lenders....
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