- Company to Seek Confirmation of Plan on October 26
SemGroup, L.P. announced today it has won court approval of the adequacy of the Fourth Amended Disclosure Statement for its Plan of Reorganization, keeping the company on schedule to emerge from Chapter 11 in November as planned.
The Fourth Amended Plan of Reorganization and Disclosure Statement were filed with the U.S. Bankruptcy Court, District of Delaware on September 22, 2009 to reflect a settlement with the Official Producers Committee. The company will seek confirmation of the plan at a hearing on October 26, 2009.
“The Fourth Amended Plan of Reorganization has the support of the company’s Official Committee of Unsecured Creditors, the Official Producers Committee, and the Secured Lenders,” said Terry Ronan, the company’s president and chief executive officer. “We look forward to presenting our plan for confirmation and successfully concluding the Chapter 11 restructuring.”
SemGroup, L.P. and certain subsidiaries filed voluntary petitions for Chapter 11 under the U.S. Bankruptcy Code on July 22, 2008.
About SemGroup
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.
Contacts:
Sitrick And Company
Tom Becker, 212-573-6100
tom_becker@sitrick.com
