Producers Back SemGroup Reorganization Plan

Law360, New York (September 16, 2009, 1:49 PM EDT) -- SemGroup LP has emerged from court-ordered mediation bearing a new plan of reorganization that quells objections from oil producers and anticipates pulling the stricken oil and gas services company out of bankruptcy in the next several weeks.

After a marathon mediation last weekend, SemGroup has hashed out a plan that reconciles the various constituents and envisions the debtor’s exit from bankruptcy after the Oct. 26 hearing, according to a motion filed Tuesday in the U.S. Bankruptcy Court for the District of Delaware.

Long at loggerheads over...
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