SemCrude Lenders Object To Disclosure Statement

Law360, New York (June 24, 2009, 12:00 AM EDT) -- A group of SemCrude LP lenders has joined creditor ConocoPhillips Co. in criticizing the disclosure statement accompanying the bankrupt oil distributor's proposed reorganization plan, arguing that the statement fails to provide adequate information regarding the treatment of the group's claims.

The U.S. term lender group filed a preliminary objection to SemCrude's disclosure statement on Tuesday in the U.S. Bankruptcy Court for the District of Delaware.

The term lenders say they are in ongoing discussions with SemCrude and have until July 7 to file a full objection...
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