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

ATP Oil & Gas (ATPG) files for bankruptcy in Texas, confirming rumors which surfaced last week when the company filed to delay its 10-Q and was seeking debtor-in-possession financing.
Comments (5)
  • SoldHigh
    , contributor
    Comments (998) | Send Message
     
    No surprise.

     

    This should have happened LAST Friday - wonder what took so long?
    17 Aug 2012, 05:18 PM Reply Like
  • AlRankin
    , contributor
    Comments (2) | Send Message
     
    I'm a long time s holder
    20 Aug 2012, 01:13 AM Reply Like
  • joseph merback
    , contributor
    Comments (2) | Send Message
     
    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
    , contributor
    Comments (8145) | Send Message
     
    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
    , contributor
    Comments (2) | Send Message
     
    I agree with DVL I'm a long term s holder
    20 Aug 2012, 01:13 AM Reply Like
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