- Noble Americas Corp. to Pay $65.35 Million for Assets
- Sale Expected to Close By September 30, 2009
SemGroup, L.P. today received approval from the U.S. Bankruptcy Court for the District of Delaware to sell the principal assets of its SemFuel LP subsidiary to Noble Americas Corp. for $65.35 million.
The transaction is expected to close by September 30, 2009.
“This transaction ensures that SemGroup is continuing to maximize value for all of our stakeholders,” said Terry Ronan, the company’s president and chief executive. “It also positions the company to emerge from Chapter 11 protection as a strong player in the gathering, storage, transportation and distribution of crude oil, natural gas liquids and natural gas.”
SemGroup selected Noble Americas as the winning bidder at a court-authorized auction on Aug. 3. The assets being sold include equipment and facilities in Oklahoma, Kansas, Texas, Iowa, Wisconsin, and Michigan.
Once the transaction with Noble closes, SemGroup will have raised more than $140 million for its stakeholders through asset sales since filing for Chapter 11 protection in July 2008.
SemGroup, LP 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 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, terminaling and storing energy.
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Brenda Adrian
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