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 partners Richard Levin and Paul H. Zumbro, practice area attorney Sarah F. Rosen and associate Stephanie R. Tumbiolo.
