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Israel: Requested oil merger may bring relief to ATP’s debt problems

By  |  January 7, 2013
Israel: Requested oil merger may bring relief to ATP’s debt problems

Oil and gas producer Isramco Ltd. has reportedly requested to buy the rights of ATP Oil & Gas Corporation, currently under bankruptcy protection, for more than $40 million. Due to ATP’s bankruptcy protection, the deal must not only earn the approval of the nation’s Antitrust Authority, but also the Oil Supervisor and the courts. If approved, the proceeds from the deal would allow trustees to pay off some of ATP’s debts.

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