ATP Oil & Gas must meet court conditions to avoid Chapter 7 conversion

By Kali Hays

New York, March 27 - ATP Oil & Gas Corp. must meet conditions set forth by judge Marvin Isgur or its Chapter 11 bankruptcy case will be converted to Chapter 7 by the U.S. Bankruptcy Court for the Southern District of Texas, according to a Thursday court order.

Specifically, the company is required to submit a term sheet for the sale of "substantial estate assets" signed by a proposed purchaser no later than April 20, file a plan of liquidation by May 12 and file a disclosure statement by May 15, according to the order.

If the company does not satisfy any of the conditions, it is required to file a notice of conversion to Chapter 7 "within one business day of the failure."

ATP Oil & Gas is a Houston-based offshore oil and gas development and production company focused on the Gulf of Mexico, the Mediterranean Sea and the North Sea. The company filed for bankruptcy on Aug. 17, 2012 under Chapter 11 case number 12-36187.

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