SemGroup Files For Bankruptcy Amid Margin Calls

Law360, New York (July 22, 2008, 12:00 AM EDT) -- SemGroup LP and 24 affiliates filed voluntary Chapter 11 petitions with plans to liquidate in order to pay back lenders, one day after a nondebtor, limited partnership affiliate of the privately held energy company was hit with a putative securities class action over soured oil investments.

On Tuesday, the debtors filed their petitions along with first-day motions and a request for joint administration in the U.S. Bankruptcy Court for the District of Delaware, estimating both assets and liabilities of over $1 billion. The company said it...
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