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> Newstogram
> Contribute to Citybizlist, Share Your News

> By Julie Armstrong

> Houston's Cheniere Energy Inc. (Amex: LNG) and ATP Oil & Gas Corp.
> (Nasdaq: ATPG) may be headed for bankruptcy.

> Business Insider last week identified those two among 16 large
> companies plus a smaller one (Los Angeles-based American Apparel Inc.)
> with a significant chance of financial distress in the next month. The
> large companies have market caps of at least $200 million.

> Cheniere made the list with a financial distress risk of 9.01% and a
> market cap of $517 million, while ATP has a financial distress risk of
> 10.98% and a market cap of $961 million.

> GovernanceMetrics provided the data for the report by Business
> Insider, a fairly new website with financial, entertainment, green-
> tech and digital industry verticals.

> GovernanceMetrics labeled both Houston companies as having an
> "aggressive" accounting and governance risk rating, which assesses the
> risk of accounting issues or other events that could lead to
> bankruptcy.

> Cheniere is in the liquefied natural gas (LNG) business. The company
> owns and operates the Sabine Pass LNG receiving terminal and the
> Creole Trail pipeline in Louisiana. Cheniere is pursuing related
> opportunities upstream and downstream of the Sabine terminal.

> ATP develops and produces oil and natural gas in the offshore Gulf of
> Mexico and the North Sea. The company established itself as a
> deepwater operator in the Gulf of Mexico Garden Banks area with the
> subsea Ladybug wells in 2001.

> Both companies remain led by founders. Chairman and CEO Charif Souki
> co-founded Cheniere in 1996. ATP is headed by Chairman and CEO T. Paul
> Bulmahn, who founded the company in 1991.

> Cheniere reported 2009 revenue of $181.13 million, up from $7.14
> million in 2008. The company's stock closed trading down 28 cents
> Thursday to $9.06.

> ATP had 2009 revenue of $312.15 million, nearly half of what it
> reported for 2008 ($618.03 million). The company's stock closed
> trading Thursday up 70 cents to $18.43.

> Neither company has released full-year financial results for 2010.

> Do you think Cheniere and/or ATP will end up in "financial distress"
> -- bankruptcy protection? -- within the next three weeks? Please
> comment below.

> See the full list of "The Next 17 Companies That Are Heading Toward
> Bankruptcy":http://tinyurl.com/5tteloa

> http://houston.citybizlist.com/17/2011/2/25/Editor%E2%80%99s-Eye-on-H...

> Cheniere Energy Inc. (LNG) has filed a lawsuit against Centerbridge
> Partners LP, saying the distressed investment-focused hedge fund
> disrupted Cheniere's business with a letter alleging it had defaulted
> on debt.

> Cheniere charged that Centerbridge engaged in defamation, business
> disparagement and tortious interference with business relationships
> against it and its Sabine Pass unit, in a lawsuit in the Harris
> County, Texas, state district court, it said in a Securities and
> Exchange Commission filing Tuesday.

> Sabine Pass, which is 91% owned by Cheniere, operates a liquefied
> natural gas terminal on the border of Texas and Louisiana.

> Cheniere said Sabine Pass received a letter from Centerbridge saying
> it strayed from generally accepted accounting principles by recording
> affiliate payments from Cheniere Energy Investments LLC as revenue. As
> such, the letter argued, Sabine Pass was in default under the terms of
> some of its notes, of which Centerbridge said it was a significant
> holder.

> Cheniere said it believes that all of the allegations in the letter
> are without merit and that Sabine Pass is in full compliance with its
> indenture.

> Cheniere shares closed Monday at $9.73 and were inactive premarket.

> On Feb 25, 12:24 pm, John Vongsa <johnv...@gmail.com> wrote:

> > Editor’s Eye on Houston: Cheniere, ATP Bound for Bankruptcy?
> > Posted February 25, 2011

> > Sign in to connect with your friends on Citybizlist
> > Share Email this Article
> > We Recommend...

> >     * ATP Oil & Gas: Where I Went Wrong
> >     * Editor’s Eye on Houston: Cheniere, ATP Bound for Bankruptcy?
> >     * Newly Formed Forum Energy Technologies Raises $502.3M - cbl
> >     * Stewart & Stevenson Appoints New Directors
> >     * Holly Corporation and Frontier Oil Corporation Announce Merger
> > of Equals
> >     * Strategic American Oil Completes $10.3M Acquisition of Galveston
> > Bay Energy - cbl

> > Newstogram
> > Contribute to Citybizlist, Share Your News

> > By Julie Armstrong

> > Houston's Cheniere Energy Inc. (Amex: LNG) and ATP Oil & Gas Corp.
> > (Nasdaq: ATPG) may be headed for bankruptcy.

> > Business Insider last week identified those two among 16 large
> > companies plus a smaller one (Los Angeles-based American Apparel Inc.)
> > with a significant chance of financial distress in the next month. The
> > large companies have market caps of at least $200 million.

> > Cheniere made the list with a financial distress risk of 9.01% and a
> > market cap of $517 million, while ATP has a financial distress risk of
> > 10.98% and a market cap of $961 million.

> > GovernanceMetrics provided the data for the report by Business
> > Insider, a fairly new website with financial, entertainment, green-
> > tech and digital industry verticals.

> > GovernanceMetrics labeled both Houston companies as having an
> > "aggressive" accounting and governance risk rating, which assesses the
> > risk of accounting issues or other events that could lead to
> > bankruptcy.

> > Cheniere is in the liquefied natural gas (LNG) business. The company
> > owns and operates the Sabine Pass LNG receiving terminal and the
> > Creole Trail pipeline in Louisiana. Cheniere is pursuing related
> > opportunities upstream and downstream of the Sabine terminal.

> > ATP develops and produces oil and natural gas in the offshore Gulf of
> > Mexico and the North Sea. The company established itself as a
> > deepwater operator in the Gulf of Mexico Garden Banks area with the
> > subsea Ladybug wells in 2001.

> > Both companies remain led by founders. Chairman and CEO Charif Souki
> > co-founded Cheniere in 1996. ATP is headed by Chairman and CEO T. Paul
> > Bulmahn, who founded the company in 1991.

> > Cheniere reported 2009 revenue of $181.13 million, up from $7.14
> > million in 2008. The company's stock closed trading down 28 cents
> > Thursday to $9.06.

> > ATP had 2009 revenue of $312.15 million, nearly half of what it
> > reported for 2008 ($618.03 million). The company's stock closed
> > trading Thursday up 70 cents to $18.43.

> > Neither company has released full-year financial results for 2010.

> > Do you think Cheniere and/or ATP will end up in "financial distress"
> > -- bankruptcy protection? -- within the next three weeks? Please
> > comment below.

> > See the full list of "The Next 17 Companies That Are Heading Toward
> > Bankruptcy":http://tinyurl.com/5tteloa

> >http://houston.citybizlist.com/17/2011/2/25/Editor%E2%80%99s-Eye-on-H... Hide quoted text -

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