ATP Oil & Gas Corp. says it is still in a cash emergency and needs to sell a production payment for $15 million in order to avoid falling apart before a projected lender takeover in August, Dow Jones Daily Bankruptcy Review reported today. Bankruptcy Judge Marvin Isgur, who is presiding over the Gulf of Mexico drilling operation's chapter 11 bankruptcy, has yet to grant final approval on the sale of ATP's most valuable operations, the Telemark and Clipper projects, to senior lenders. Judge Isgur today will take another look at the deal and at ATP's new request to sell the production payment.
