ATP Oil & Gas - 2012-08-20

Filed a voluntary petition for reorganization under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas. ATP has obtained a commitment of debtor-in-possession financing from members of its existing senior lender group, which will provide $250 million of additional funds and refinance into the DIP facility the amounts owed to those existing first lien lenders that participate in providing additional funds. The financing and cash generated from ATP’s ongoing operations will be used to support the business and ATP’s efforts to negotiate and implement a reorganization plan acceptable to its stakeholders. Legal advisor on the restructuring is Mayer Brown LLP and its financial advisors are Jefferies & Company, Inc. and Opportune LLP.