ATP Sale Shirks $153M In Enviro Liability, Anadarko Says

Law360, Houston (May 31, 2013, 6:35 PM EDT) -- A unit of Anadarko Petroleum Corp. on Wednesday asked a Texas bankruptcy judge to block a proposed $691 million sale of ATP Oil & Gas Corp.’s offshore assets, because the deal will allegedly allow the foundering company to escape $153 million in environmental liabilities.

Anadarko E&P Onshore LLC claims the sale of all of the income-producing assets to ATP’s lenders does not include plugging and abandonment obligations tied to unproductive wells within the company’s portfolio in which Anadarko holds partial interests.

“Approval of the sale would leave...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.