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ATP Oil trustee looks to use cash collateral for work plan commitment
By Sarah Lizee
Olympia, Wash., March 23 – ATP Oil & Gas Corp.’s Chapter 7 trustee requested court approval to use up to $30,000 in cash collateral to make payments related to the company’s Israeli assets, according to a motion filed March 3 with the U.S. Bankruptcy Court for the Southern District of Texas.
Chapter 7 trustee Rodney D. Tow said that on Thursday it received an email from a representative of Isramco, the operator and the major interest holder in the Shimshon lease. Isramco provided a “favorable development regarding a request made by Isramco to the Israeli Minster of Energy changing the boundary lines of the Shimshon lease,” Tow said.
These changes require the interest holders in the Shimshon Lease, including the ATP estate, to make a commitment regarding a work plan. Interest holders must deliver the commitment to the petroleum commissioner by March 23.
Isramco said it informed the petroleum commissioner that some of the Shimshon partners are overseas and it may take longer to provide their commitment.
If the Shimshon interest holders do not make or otherwise satisfy the commitment, then the lease will expire.
Tow said the DIP agent is seeking authority to approve use of cash collateral in the amount of $30,000 to fund expenses in connection with the commitment. The trustee will only use the cash collateral if the DIP agent consents to use of the cash collateral.
Houston-based ATP Oil & Gas is an offshore oil and gas development and production company focused in the Gulf of Mexico, the Mediterranean Sea and the North Sea. The company filed for bankruptcy on Aug. 17, 2012 under case number 12-36187.
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