Energy Biz Rewind: ATP Shares COLLAPSE, Codexis ABANDONED By Shell
Shares of ATP Oil & Gas Corporation (NASDAQ:ATPG) lost almost 75 percent of their value on the day on the news that the oil exploration firm has arranged for a $600 million debtor-in-possession loan. Trading on the stock was halted then resumed while the firm filed to postpone its 10-Q because of its ‘inability to file without unreasonable effort and expense’. Reports of a pending bankruptcy for ATP also came to the surface earlier Friday when the first news of the loan emerged.
Biofuels producer Codexis, Inc.‘s (NASDAQ:CDXS) shares cratered following the firm’s second quarter report that Royal Dutch Shell (NYSE:RDSA) (NYSE:RDSB) will no longer fund research that looks into converting biomass to fuel. In reaction, Credit Suisse downgraded the shares from Outperform to Neutral.
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