Did your broker recommend the purchase of ATP Oil and Gas Bonds or ATPG stock? Please contact securities lawyer Lars Soreide at Soreide Law Group to discuss how you could potentially recover your losses. Serving clients across the USA before FINRA, no fee if no recovery.
ATP filed Chapter 11 in Texas this month. ATPG’s stock has fallen in the past year from over $10 to now under 10 cents. The bonds are now at risk of a total default with the recent filing for Chapter 11 bankruptcy and investors are at risk of losing all of their investment.
Houston-based oil producer ATP Oil & Gas Corp (NYSE: ATPG) was given preliminary approval by a judge for $618 million in financing to attempt to resolve its credit issues.
Bloomberg is reporting the Chapter 11 petition showed $3.6 billion in assets and $3.5 billion in debt. Earlier this month, Standard & Poor’s had downgraded the company to a CCC rating, meaning analysts found it vulnerable to default. Many investors have now contacted Lars Soreide of the Soreide Law Group, who were recently sold ATP Oil and Gas bonds as a safe income producing investment.
ATP filed for bankruptcy blaming the 2010 Deepwater Horizon oilrig explosion in the Gulf of Mexico and the drilling moratorium that followed. ATP operates about 90 percent of its wells in the Gulf, according to a court filing, and the moratorium blocked plans to drill and bring online six wells in 2010 and 2011, it said.
ATP shares were trading on the pink sheets and ATP Oil & Gas Corp.’s bonds are now at risk of default.
If your broker recommended the purchase of ATP Oil & Gas Corp. bonds or its common stock call 1-(888) 760-6552 of visit http://www.securitieslawyer.com/