SemGroup Reorganization Confirmed

SemGroup LP wins confirmation of its Fourth Amended Plan of Reorganization, reaching the last major milestone in its court restructuring and allowing the company to emerge from Chapter 11 in November.
Norm Szydlowski succeeds Terry Ronan as the company’s president and chief executive officer.
“We will emerge from Chapter 11 as a stronger entity, better positioned to serve our customers with crude oil, natural gas, natural gas liquids, refined products and asphalt,” said Ronan.
As part of the plan, the company obtains a commitment for a $500 million exit financing facility from a syndicate of lenders, including BNP Paribas, Bank of America and Calyon. The financing will be available upon the effective date of the plan.
The reorganization is supported by the company’s three major creditor groups: The Official Committee of Unsecured Creditors, the Official Producers Committee and the secured lenders.
SemGroup and certain subsidiaries filed voluntary petitions for Chapter 11 under the U.S. Bankruptcy Code on July 22, 2008.

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