ATP Bonds Fall to Lowest Level as New CEO McCarroll Resigns
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Bonds of the Gulf of Mexico explorer ATP Oil & Gas Corp. slumped by the most since they were issued, following the resignation of the company’s new Chief Executive Officer Matt McCarroll a week after being named to the position.
ATP’s $1.5 billion of 11.875 percent notes maturing in May 2015 dropped 11.5 cents to 46.4 cents on the dollar to yield 48 percent at 4:54 p.m. in New York, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority. There were more than 190 trades by dealers of $1 million or more in ATP’s bonds today, Trace data show.