Catsimatidis Comments on Lawsuit

John Catsimatidis comments on a lawsuit filed against the management committee majority by executives of SemGroup.
“I would rather be spending my time helping to facilitate development of a successful reorganization plan that maximizes value to all stake holders instead of being distracted by unproductive lawsuits,” Catsimatidis said. “We will continue to work with stake holders to achieve the goal of a successful reorganization.”
Since Catsimatidis and his associates were appointed to the majority of the seats on the SemGroup GP, LLC, management committee, Catsimatidis, chairman of the New York-based Red Apple Group and majority leader of SemGroup GP, is working on a reorganization plan to restructure SemGroup, and keep it in one piece. The plan is scheduled to be presented to bank creditors in February.
The privately held midstream service company moves products from the wellhead to the wholesale marketplace.
SemGroup had revenues of more than $14 billion in 2007 and employed more than 2,200 people worldwide. The company filed for protection under Chapter 11 of the U. S. Bankruptcy Code in July 2008.



Was this article helpful?

Related Articles

Leave A Comment?