SemCrude Gets OK For $1.8B Claims Estimate

Law360, New York (September 13, 2010, 7:50 PM EDT) -- The reorganized SemCrude LP cleared a major hurdle to listing its stock on the New York Stock Exchange on Monday after winning bankruptcy court approval to estimate the maximum value of unsecured claims against the company at $1.8 billion, thereby allowing the debtors to start making distributions to unsecured creditors.

Judge Brendan L. Shannon of the U.S. Bankruptcy Court for the District of Delaware signed off on a motion that will allow SemCrude to dispense stock toward unsecured claims and reach the requisite 400 round-lot shareholders...
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