ATP Oil & Gas Corporation (ATP) is engaged in the development and production of oil and natural gas in the offshore Mediterranean Sea,Gulf of Mexico and the North Sea. ATP established itself as a deepwater operator in the Gulf of Mexico Garden Banks area with the subsea Ladybug wells in 2000. With its proven abilities in the utilization of subsea technologies, ATP is aggressively expanding its development activities internationally into the historically productive region of the North Sea and the prolific Mediterranean Sea.
Information about ATP's Chapter 11 Reorganization
On August 17, 2012, ATP Oil & Gas Corporation filed a voluntary petition for reorganization under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. ATP has taken this action in order to undertake a comprehensive financial restructuring resulting from the debts it has incurred primarily as a result of the offshore drilling moratorium imposed by the United States government.
ATP believes that the rights and protections afforded it by a court-supervised reorganization process, including the ability to access new financing, will provide the Company with the time and flexibility it needs to fully address its financial challenges and position ATP for long-term viability. ATP expects its oil and gas operations to continue in the ordinary course throughout the reorganization process and sees the reorganization as a helpful step towards delivering the company to position it for the future development of its assets.
In conjunction with its reorganization, ATP has obtained a commitment for more than $600 million in debtor-in-possession (DIP) financing ($250 million of additional funds and the balance to pay off first lien holders) which in addition to our revenues, will be used to fund post-petition operating expenses. Upon approval by the Bankruptcy Court, the new financing and cash generated from ATP's ongoing operations will be used to support the business during the reorganization process.
Because the objectives we need to address have already been identified, we are prepared to move forward quickly and emerge from this process as soon as possible.
The following links contain additional information and frequently asked questions:
Note: Some of the links below open as PDF files
Information for Shareholders
Information for Media
Information for General Claims and Court