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56Chevy

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56Chevy

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Re: KT_investor post# 387

Wednesday, 05/08/2013 4:57:07 PM

Wednesday, May 08, 2013 4:57:07 PM

Post# of 588
I'm not where I can verify so nothing official here. I think it's in the $800MM range.

ATP knew they were getting into financial trouble before the filing of course but they couldn't stop the construction on it because it would costs more to stop than keep going (not sure how or why but that's what the company said).

When ATP filed BK last August the DIP lenders (as part of the DIP terms) forced ATP to stop work on the project.

Octabuoy was built by a Chinese company called Cosco and was 98% complete when construction stopped.

As recent as January of this year ATP & Cosco held talks re: a possible sale but not sure where it went from there ??

You can read about that here>

http://www.upstreamonline.com/hardcopy/news/article1314348.ece







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