SemGroup Wins Extension On $150M DIP Loan

Law360, New York (April 27, 2009, 12:00 AM EDT) -- A judge has allowed bankrupt petroleum distribution company SemGroup LP to extend the maturity date on a $150 million debtor-in-possession credit line with the understanding that the company will be in a position to emerge from Chapter 11 protection by Sept. 18.

Judge Brendan Linehan Shannon issued an order Thursday in the U.S. Bankruptcy Court for the District of Delaware, authorizing Tulsa, Okla.-based SemGroup and 24 affiliates to extend the terms of the financing with provisions allowing for additional fees to lenders and administrators.

Under the...
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