Bankrupt ATP Gets OK To Abandon Oil Lease, Access Cash

Law360, Houston (June 13, 2013, 9:58 PM EDT) -- A Texas bankruptcy judge on Thursday approved deals allowing ATP Oil & Gas Corp. to abandon an offshore drilling operation and provide the company access to a week’s worth of operating cash, while rejecting complaints that ATP is dodging $153 million in environmental liability.

U.S. Bankruptcy Judge Marvin Isgur signed off on agreed orders that allow ATP to spend about $8 million in cash to cover expenses through June 21 and enable it to walk away from a costly deepwater development in the Gomez Field off...
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