SemGroup Judge OKs Deals As Ch. 11 Exit Nears

Law360, New York (October 26, 2009, 5:19 PM EDT) -- The SemGroup LP debtors on Monday made progress toward getting their fourth plan of reorganization approved in hearings expected to last into Monday night, a source said.

U.S. Bankruptcy Judge Brendan L. Shannon of the District of Delaware on Monday signed off on settlements between the debtors and three creditors — BP Oil Supply Co., ConocoPhillips Co. and Goldman Sachs commodity subsidiary J. Aron & Co. — as the Oklahoma-based oil company inches nearer to emergence from Chapter 11 protection.

The settlements call for the release...
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