SemGroup, Managers Reach Deal On Ch. 11 Plan

Law360, New York (July 20, 2009, 3:08 PM EDT) -- SemGroup LP has struck an agreement with four members of the company’s management committee in which the members have agreed to back the oil and gas services firm’s reorganization plan and resolve litigation over who had the right to propose the plan.

The company on Monday filed its second amended Chapter 11 plan and disclosure statement, which mentioned the agreement that is pending approval, in the U.S. Bankruptcy Court for the District of Delaware.

SemGroup said John Catsimatidis, head of United Refining Co., and three other...
To view the full article, register now.