- Company to File Fourth Amended Plan of Reorganization
Tulsa, OK— Sept. 16, 2009 —SemGroup, L.P. announced today it has reached an agreement-in-principle with the Official Producers Committee in its Chapter 11 proceedings on the terms of the company’s Plan of Reorganization, thereby keeping the company on schedule to emerge from Chapter 11 in November as planned.
The company will file a Fourth Amended Plan of Reorganization and Disclosure Statement with the U.S. Bankruptcy Court, District of Delaware to reflect the agreement, which will be addressed at a court hearing on September 24. The agreement was reached during court-ordered mediation before U.S. Bankruptcy Judge Kevin Gross in Delaware on September 13 and 14.
"We deeply appreciate the tireless efforts of Judge Kevin Gross in mediating the complex issues and helping the parties consensually resolve their disputes," said Terry Ronan, the company’s president and CEO. “We look forward to pursuing a Plan of Reorganization that now has the support of our banks, the Official Committee of Unsecured Creditors and the Official Producers Committee; and exiting Chapter 11 protection in November.”
SemGroup, L.P. and certain subsidiaries filed voluntary petitions for Chapter 11 under the U.S. Bankruptcy Code on July 22, 2008.
Based in Tulsa, Okla., SemGroup, L.P., is a midstream service company providing the energy industry the means to move products from the wellhead to the wholesale marketplace. SemGroup provides diversified services for end-users and consumers of crude oil, natural gas, natural gas liquids, refined products and asphalt. Services include purchasing, selling, processing, transporting, terminalling and storing energy.
Sitrick And Company