ATP Equity Holder Ask for Probe of Oil Reserves’ Value
This article is for subscribers only.
ATP Oil & Gas Corp.’s equity holders asked a judge to appoint an examiner to investigate the value of the bankrupt Gulf of Mexico oil producer’s petroleum reserves.
An examiner is needed to determine whether the reserves have fallen so far in value that ATP should be sold in a “fire-sale liquidation,” a committee of equity security holders said yesterday in court papers filed in U.S. Bankruptcy Court in Houston. A report by ATP’s bankruptcy lenders claims the reserves are worth much less than previously estimated, the committee said.