ATP Rebuffs Creditors' Liquidation, Trustee Demands

Law360, New York (February 20, 2013, 8:24 PM EST) -- ATP Oil & Gas Corp. urged a Texas bankruptcy court Tuesday to reject its unsecured creditors' bid to appoint a trustee or liquidate the company, slamming allegations the oil-and-gas developer is in a “death spiral” and calling the bid “dramatically ill-considered.”

The unsecured creditors committee told the court Feb. 10 that ATP is bleeding cash and has been ceding control to its debtor-in-possession financing lenders and scaring away potential buyers with its allegedly incompetent management, but ATP rejected the assertions, saying the company has navigated many...
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