Gulf of Mexico producer ATP Oil & Gas Corp filed for chapter 11 protection on Friday, blaming the financial fallout from the deep sea drilling moratorium that followed the Deepwater Horizon disaster, Reuters reported on Friday. ATP, which reported total debts of $3.49 billion and assets of $3.64 billion, said that it planned to continue operating while restructuring its finances, using $618 million in debtor-in-possession funding. The company said that the U.S. government's stoppage blocked its plans to drill and develop six wells in 2010 and 2011, after it spent more than $1 billion on infrastructure construction related to five of them, largely funded by debt.
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