Creditor: ATP Owes More Than $87.62M; Asset Sale Motion Should Be Denied

Creditor: ATP Owes More Than $87.62M; Asset Sale Motion Should Be Denied

HOUSTON - Creditor Statoil USA E&P on May 31 filed a brief objecting to a motion by bankrupt ATP Oil & Gas Corp. (ATP) that seeks approval of bidding procedures in its Chapter 11 proceeding, arguing that ATP has failed to post supplemental bond for more than $87.62 million related to deep-water drilling assets ATP is attempting to sell (In Re: ATP Oil & Gas Corporation, No. 12-36287, Chapter 11, S.D. Texas Bkcy.).

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