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News & Insights

Arrangement of DIP Loan for ATP Oil & Gas

August 23, 2012

On August 21, 2012, the U.S. Bankruptcy Court for the Southern District of Texas granted Houston-based ATP Oil & Gas Corp. preliminary approval for a $617.6 million debtor-in-possession loan. Judge Marvin Isgur approved interim access to the financing, which provides $250 million in “new money” and a roll-up of $367.6 million in pre-petition first-lien debt. This is one of the largest announced DIP facilities to date in 2012. Cravath represented Credit Suisse AG, as arranger. ATP filed for bankruptcy on August 17, citing the 2010 Deepwater Horizon oil rig explosion in the Gulf of Mexico and the subsequent drilling moratorium.

The Cravath team included partner Paul H. Zumbro, practice area attorney Sarah F. Rosen and associate Stephanie R. Tumbiolo.

Related Practices & Industries

  • Corporate
  • Financial Restructuring and Reorganization

People

Photo
Name
Paul H. Zumbro
Title
Corporate
Title
Partner
Email
pzumbro@cravath.com
Phone
+1-212-474-1036
vCard
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    Education

    • J.D., 1997, Columbia Law School
      Harlan Fiske Stone Scholar
    • B.A., 1992, Yale College
      Distinction in Major, cum laude

    Admitted In

    • New York
    Name
    Sarah F. Rosen
    Title
    Corporate
    Title
    Partner
    Email
    srosen@cravath.com
    Phone
    +1-212-474-1750
    vCard
    Download vCard

      Education

      • J.D., 2005, Columbia Law School
        Harlan Fiske Stone Scholar
      • B.A., 2002, New York University
        magna cum laude

      Admitted In

      • New York

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