ATPG Senior 11.875% 2nd Lien Bonds (fka ATPG.GE)

[seismic]

Delay after delay after delay, if there wasn’t another, already identified party and or parties interested in the gulf assets, my guess the assets would have been sold to the dip lenders, which might have resulted in a fire storm of complaints from all parties.

Is it fair and reasonable to think the sale of the gulf assets would be delayed again, hoping that an unidentified possible buyer will materialize within the next two weeks?

The court filing #1757, “NOTICE OF RESCHEDULED BID DEADLINE, AUCTION DATE, AND SALE HEARING WITH RESPECT TO SALE OF DEBTOR’S SHELF AND DEEPWATER ASSETS”

also states;

“PLEASE TAKE FURTHER NOTICE that, pursuant to Paragraphs 14 and 16 of the Deepwater Bidding Procedures Order, the Debtor, with the consent of the DIP Lenders and the DIP Agent, and in consultation with counsel to the Creditors’ Committee, the Equity Committee, the Prepetition Second Lien Trustee and the Ad Hoc Committee of Second Lien Notes, modifies the date and time of the Bid Deadline, the Auction, and the Sale Hearing as set forth herein:

So now we know, consent of the DIP Lenders and in consultation of the other parties the bid deadline has been pushed out a couple of weeks. Do we thank these folks are hoping an unidentified possible buyer will materialize within the next two weeks?

So my guess there is at least one company that might have the financial resources to be a player in this bankruptcy. If it was as simple as outbidding the dip lenders by a dollar, one would think that already would have been done and too many folks would be raising holy hell right now.

If you look at other Oil and Gas companies that have filed for creditor protection recently (2010/2011) and compare their filing, debt and assets to ATP’s, you might see some ray of hope and or some type of “possible” meaning in these delay’s, besides we all will lose.

Chevy, tommorow is “Free Private Message Hour” on Ihub, if you don’t mind I will PM you with my speculation relating to those other companies, just one that fits the ATP profile.

I would be interested in your evaluation of the BK history of that company and what has happen to them to date, comparing it to ATP. I am not suggesting that it would happen to ATP, nor do I have any knowledge that any deal might be in the works, but as you know, I do like to speculate on “what if’s”, just for fun, but really don’t want to create false hope in my speculation.