Isramco Ltd. (Nasdaq: ISRL; TASE: ISRA.L) has petitioned the court to acquire the rights of ATP Oil & Gas Corporation (Bulletin Board: ATPAQ), which is under bankruptcy protection, in the Shimshon and Daniel East and Daniel West licenses for NIS 150 million.
Since ATP is under bankruptcy protection, a sale requires approval of the courts, the Oil Supervisor at the Ministry of Energy and Water Resources, and the Antitrust Authority. ATP's trustees believe that there will be no problem in obtaining the permits, since Isramco already owns rights in these gas exploration licenses.
Proceeds from a court-approved sale should allow the trustees to pay part of ATP's debts to unsecured creditors.
Published by Globes [online], Israel business news - www.globes-online.com - on January 7, 2013
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