Bankruptcy Judge Marvin Isgur warned ATP Oil & Gas Corp. that it is not "preordained" that he will approve the asset sale the company has long been pinning its hopes on but which has run into complications, Dow Jones Daily Bankruptcy Review reported today. The remarks from Judge Isgur came at a status conference on ATP's progress in resolving concerns about its planned sale to its lenders. The lenders, led by Credit Suisse, have offered about $690 million for ATP's deepwater drilling assets, but much of the offer is in the form of debt forgiveness instead of cash.
For further analysis of oil and gas bankruptcies, pick up a copy of When Gushers Go Dry: The Essentials of Oil & Gas Bankruptcy from the ABI Bookstore. To purchase, please click here: http://bookstore.abi.org/when-gushers-go-dry-essentials-oil-gas-bankrup…