Firm advises on billion-dollar oil and gas restructuring

Mayer Brown is advising on the USD1.2bn restructuring and USD133m sale of ATP Oil & Gas UK to Alpha Petroleum, the UK subsidiary of private equity house Petroleum Equity. The firm has been advising the bankrupt US outfit ATP Corporation on Chapter 11 proceedings in the US since 2012. Mayer Brown won the ATP UK deal through its work in the US . It has proved a tricky sale as creditors are set to receive only a tenth of the amount they put in to the debt-laden company. Global energy co-head Rob Hamill and London restructuring, bankruptcy and insolvency head Devi Shah are leading a 10-strong international team on the deal, which includes  corporate senior associate Beccy Bothamley, associate Jonny Musker and restructuring and insolvency of counsel Alex Wood in London. Mayer Brown has had to engage in complex negotiations to sell ATP, which had built up debts of USD1.2bn. In order to satisfy the UK company’s shareholders and Alpha with the USD133m sale price, the company first had to strike a restructuring deal and secure a company voluntary agreement (CVA). The CVA was cemented on the 10 January and is expected to complete next month.