SemGroup Wins Confirmation of Plan of Reorganization
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-- Plan Supported by Secured Lenders, Unsecured Creditors Committee,
Official Producers Committee
-- Court Ruling is Last Major Milestone in Restructuring
-- Company On Schedule to Exit Chapter 11 in November
TULSA, Okla.--(BUSINESS WIRE)-- SemGroup, LP announced today it has won 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.
"Thanks to the hard work and commitment of all of our employees and advisors over the past 15 months, SemGroup today won confirmation of a Plan of Reorganization that maximizes value for all of our creditors and puts the company on a very strong financial footing," said Terry Ronan, the company's president and chief executive officer.
Norm Szydlowski, who will succeed Mr. Ronan as chief executive upon the company's exit from Chapter 11 protection, added: "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."
As part of the Plan, the company has obtained 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 Plan of 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, 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 the 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, terminalling and storing energy.
Source: SemGroup, LP
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