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Mayer Brown advises on US$1.2billion restructuring and sale of ATP Oil & Gas UK

15 January 2014
London - Leading global law firm Mayer Brown has advised on the restructuring and sale of ATP Oil & Gas (UK) Limited to Alpha Petroleum (UK) Holdings Limited, an investment vehicle of Petroleum Equity, a newly-established private equity firm focused on the upstream oil and gas market outside North America.

ATP UK has interests in a total of six producing and development offshore oil and gas fields (comprising 12 licences) in the UK North Sea and acts as a DECC approved Regulated Operator. ATP UK's parent company, ATP Oil & Gas Corporation, is currently in Chapter 11 insolvency process in the United States. The sale was approved by the US Bankruptcy Court on 19 December 2013.

The transaction is being implemented through the sale of the shares of ATP UK combined with a company voluntary arrangement (CVA), with a sale value of $133 million. The company voluntary arrangement, which is designed to compromise legacy unsecured liabilities of $1.2bn, was approved by creditors and shareholders on 10 January 2014. Completion of the transaction is expected at the beginning of February 2014.

Rob Hamill, co-head of Mayer Brown's global Energy group, said: "This has been a lengthy, complex but highly rewarding transaction. The combination of the dedicated, experienced management team from ATP UK with Petroleum Equity has the potential to create a real force in the UK North Sea. The transaction is also further evidence of the growing importance of private funding in the oil & gas industry."

Devi Shah, co-head of Mayer Brown's Restructuring, Bankruptcy and Insolvency group in London, said: "Standalone CVAs as a restructuring tool are a rare animal and very challenging to pull off, even without having the US bankruptcy court approval process to go through as well, but this was absolutely the right solution for ATP UK. The implementation of the CVA and completion of the sale will effect a genuine turnaround for the company, saving jobs and securing its future, as well as a better outcome for its creditors than any of the alternatives it faced."

The Mayer Brown team was led by Rob Hamill, co-head of the global Energy group and Devi Shah, co-head of the Restructuring, Bankruptcy and Insolvency group in London. They were assisted by Corporate & Securities senior associate Beccy Bothamley and associate Jonny Musker; Restructuring, Bankruptcy and Insolvency of Counsel Alex Wood, senior associates Jessica Walker and Ronan McNabb and associate Henry Glen (all London). Corporate & Securities partner Bob Gray and Restructuring, Bankruptcy & Insolvency partner Charles Kelley (both Houston) and Restructuring, Bankruptcy and Insolvency associate Christine Walsh (New York) led on US matters including the Bankruptcy Court approval process.

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Related Information

  • Related People
    Robert Hamill
    T +44 20 3130 3558
    Devi Shah
    T +44 20 3130 3669
    Rebecca Bothamley
    T +44 20 3130 3681
    Jonathan Musker
    T +44 20 3130 3443
    Alexandra Wood
    Of Counsel
    T +44 20 3130 3717
    Jessica Walker
    T +44 20 3130 3437
    Robert F. Gray, Jr.
    T +1 713 238 2600
    Henry Glen
    T +44 20 3130 3564
    Charles S. Kelley
    T +1 713 238 2634
    Christine Walsh
    T +1 212 506 2491

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