Court OKs SemGroup’s Sale of SemFuels

SemGroup LP sell the principal assets of its SemFuel LP subsidiary to Noble Americas Corp. for $65.35 million.
The transaction, approved by the U.S. Bankruptcy Court for the District of Delaware, is expected to close by Sept. 30.
“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.

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