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Bennu Oil & Gas, LLC's $700 Million Acquisition/$350 Million Credit Facility

On November 1, 2013, Bennu Oil & Gas, LLC completed its approximately $700 million acquisition of all the Gulf of Mexico oil and gas assets of ATP Oil & Gas Corporation. The transaction was effected pursuant to a “credit bid” under section 363 of the Bankruptcy Code. Bennu was formed by the lenders under ATP’s debtor‑in‑possession (DIP) credit facility to effect the acquisition. Cravath represented Credit Suisse AG throughout ATP’s bankruptcy case in its capacity as administrative agent under ATP’s DIP facility (including in connection with various litigation matters relating to the case), as well in connection with Credit Suisse’s arrangement of a $350 million credit facility provided to Bennu to finance the acquisition and related transactions.

The Cravath team included partner Paul H. Zumbro and associates Benjamin P. Schaye, Stephanie R. Tumbiolo, Wesley C. Bell and Peter J. Atlee on bankruptcy and financing matters; partner Damien R. Zoubek and associate Andrew C. Elken on M&A matters; partner Julie A. North and associate Greg C. Cheyne on litigation matters; and partner J. Leonard Teti II and associate Neetin Gulati on tax matters. Michael L. Arnold also worked on financing matters.