Bankrupt ATP Oil & Gas to sell assets to Credit Suisse, other lenders

ATP Oil & Gas Corp. (Nasdaq: ATPG), which filed for Chapter 11 bankruptcy in August, is planning to sell its assets to Credit Suisse Group AG and other lenders for $691 million, Bloomberg reports.

ATP Oil & Gas Corp. (Nasdaq: ATPG), which filed for Chapter 11 bankruptcy in August, is planning to sell its assets to Credit Suisse Group AG (NYSE: CS) and other lenders for $691 million, Bloomberg reports.

Swiss financial services company Credit Suisse was the successful bidder in an auction for the Houston exploration and production company?s assets May 7, according to Bloomberg.

When it filed for bankruptcy, ATP was facing falling production and an $89 million interest payment in November. It had $3.6 billion in assets and $3.5 billion in debt, according Bloomberg, citing court documents.

Before it went bankrupt, ATP was the 86th-largest public company in Houston last year with $687 million in 2011 revenue, according to the HBJ?s annual list of the largest public companies in the region. That was a 57 percent growth spurt over the previous year.

But the company had a stockholder equity deficit of $34 million and long-term debt of $2 billion in the first quarter 2012, according to an HJB analysis.

Collin Eaton covers banking, finance and securities.

Source: http://feedproxy.google.com/~r/vertical_30/~3/riaEw6shRNs/bankrupt-atp-oil-gas-to-sell-assets.html

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