SemGroup Ch. 11 Plan Features Settlement Offers

Law360, New York (August 26, 2009, 1:56 PM EDT) -- SemGroup LP has filed a third amended plan of reorganization that offers $253 million in settlement payments to creditors that have some $568 million worth of claims against the oil and gas services firm.

Tuesday's filing, in the U.S. Bankruptcy Court for the District of Delaware, offers settlements to prepetition lenders and certain oil and gas industry creditors.

The company said Tuesday the settlement offers will help it emerge from bankruptcy prior to the conclusion of lawsuits brought by certain creditors.

The company warned on Tuesday...
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