SemGroup Energy Partners LP completes the settlement of certain matters between it and SemGroup, L.P. (the “Private Company”) and in connection therewith has received a waiver under its credit facility.
Settlement with the Private Company
As previously disclosed, the Private Company and certain of its subsidiaries filed voluntary petitions for reorganization under Chapter 11 on July 22.
On March 12, the Bankruptcy Court held a hearing and approved the transactions contemplated by a term sheet relating to the settlement of certain matters between the private company and SGLP. The Bankruptcy Court entered an order approving the Settlement upon the terms contained in the Term Sheet on March 20, 2009.
The Private Company and SGLP have executed definitive documentation, in the form of a master agreement (the “Master Agreement”), dated April 7, 2009 to be effective as of March 31, 2009, and certain other transaction documents (the “Transaction Documents”) that supersede the Term Sheet and effectuate the Settlement. The Bankruptcy Court entered an order approving the Master Agreement and the Settlement on April 7, 2009.