ATP Oil & Gas might be at an end, losing 70% of its already devastated share price today after a report from Bloomberg stating that the company is trying to shore up a $600 million loan that will keep it operable if the offshore driller enters bankruptcy proceedings. With such large loans outstanding, it seems this day was inevitable, but for long-time shareholders, this loss is wrenching because ATP traded above $57 before the financial crisis.

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Austin Smith, Joel South, and The Motley Fool has no positions in the stocks mentioned above. Motley Fool newsletter services recommend ATP Oil & Gas. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.