The sale of certain assets of Chapter 11 debtor ATP Oil & Gas Corporation was approved Oct. 17 by the U.S. Bankruptcy Court for the Southern District of Texas (In re ATP Oil & Gas Corporation, Bankr. S.D. Tex., No. 12-36187).
According to court documents, certain assets of the Houston-based, natural gas and oil development business were purchased by Bennu Oil & Gas LLC, an acquisition vehicle formed on behalf of the debtor-in-possession lenders. The documents specify that “[t]he [p]urchase [p]rice will include (i) cash in the amount of $55,000,000 to fund an escrow for the purpose of ...
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