ATP Oil & Gas Corp fka ATPAQ

[hgabreal]

All your points of view have been valuable but a few questions remain for me. How does the repayment of debt to creditors work for emergence out of bankruptcy?? I know there is a hierarchy of who gets paid first and the common equity holders being last.

1) does the debt have to be paid in full OR through some repayment plan when ATP comes out of ch 11?
2) if assets are greater than liabilities why do people say commons will get cancelled?
3) WHO decides whether commons get cancelled? The court or the management?

Please back up your answers with facts.