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

[KT_investor]

I don't think they sold the Subs which were not in bankruptcy..

Basically, debtor has given money to subs and subs issued notes to parent company(debtor) in return. So, it seems that DIPs purchased those intercompany notes in the auction. For eg. ATP Oil & Gas (UK) Limited has assets worth $918MM but intercompany $692MM. This is basically other way to take value out of non-filing subs.

This is what I understand but migth be wrong.