ATP Oil & Gas Files for Bankruptcy Protection in Texas
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ATP Oil & Gas Corp., which has been battered by production delays and missed output targets, sought bankruptcy protection, blaming the 2010 Deepwater Horizon disaster that led to a Gulf of Mexico drilling moratorium.
ATP said it has a commitment for $617.6 million in financing from existing lenders to support operations during its restructuring. The company listed $3.6 billion in assets and $3.5 billion in debt, in papers filed in U.S. Bankruptcy Court in Houston.