ATP Oil & Gas (ATPG) files for bankruptcy in Texas, confirming rumors which surfaced last...

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SoldHigh Comments (683)
 
No surprise.

This should have happened LAST Friday - wonder what took so long?
17 Aug 2012, 05:18 PM Reply Like

AlRankin Comments (2)
 
I'm a long time s holder
20 Aug 2012, 01:13 AM Reply Like

joseph merback Comments (2)
 

Interesting Bankruptcy ;With the excess of assets over liabilities the referee will have an opportunity if the DIP is in place to save this company and perhaps get it to a thriving company once again.Debt can be negotiated but world class assets are hard to create particularly with the clipper about to produce extraordinary cash flow and the Shinshon discovery a very strategic Israeli asset I t should be filled with opportunities for investors.
18 Aug 2012, 05:56 AM Reply Like

DeepValueLover Comments (5073)
 
I can't find evidence that there are enough assets over the liabilities to return anything to the preferred and common shareholders.

After tallying up the substantial ATPG holdings an investor has to back out all of the JVs and add back in the very high long-term debt with a high interest rate that gives them high fixed costs, and an even higher rate of future borrowing.

This one looks VERY bleak.
How could management mess this up so badly during an oil boom!?!?
18 Aug 2012, 03:02 PM Reply Like

AlRankin Comments (2)
 
I agree with DVL I'm a long term s holder
20 Aug 2012, 01:13 AM Reply Like