ATP Oil & Gas Corp., the energy producer that filed for bankruptcy last year, will sell its assets to lenders led by Credit Suisse Group AG for $691 million.
ATP picked Credit Suisse, the agent for the company’s bankruptcy lenders, as the successful bidder at an auction today, according to a filing in U.S. Bankruptcy Court in Houston. Credit Suisse had previously said it planned to bid on behalf of lenders by canceling debt they hold.
ATP, based in Houston, filed for bankruptcy in August, blaming the 2010 Deepwater Horizon disaster and the subsequent drilling moratorium in the Gulf of Mexico. It sought court permission in January to sell its deepwater properties at an auction.
A spokesman for ATP couldn’t be reached for comment about the sale.
The bankruptcy case is In re ATP Oil & Gas Corp., 12-36187, U.S. Bankruptcy Court, Southern District of Texas (Houston).