ATP Oil & Gas (ATPG) In Free-Fall as DIP Financing Points to Imminent Bankrupty Filing
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Shares of ATP Oil & Gas Corp. (Nasdaq: ATPG) have absolutely collapsed mid-day following reports from Bloomberg the company has arranged financing ahead of a possible bankruptcy filing.
This debtor-in-possession financing consist of $600 million being provided by Credit Suisse, according to sources of Bloomberg.
A filing may come as soon as today, the sources said.
The company faces a $89 million interest payment in November and has seen business collapse after missing production targets and failing to execute on an offshore oil development.
Shares of ATPG last traded at $0.58, down 56 percent.
This debtor-in-possession financing consist of $600 million being provided by Credit Suisse, according to sources of Bloomberg.
A filing may come as soon as today, the sources said.
The company faces a $89 million interest payment in November and has seen business collapse after missing production targets and failing to execute on an offshore oil development.
Shares of ATPG last traded at $0.58, down 56 percent.
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