Key Deals In Hand, SemGroup Wins Plan Approval

Law360, New York (October 27, 2009, 12:35 PM EDT) -- Having reached key settlements with creditors, SemGroup LP has won confirmation of its plan of reorganization following about 15 months in Chapter 11.

Judge Brendan L. Shannon of the U.S. Bankruptcy Court for the District of Delaware on Monday approved the Tulsa, Okla.-based company's fourth amended plan, which gives major creditors an equity stake in the reorganized company.

Prepetition lenders, who have nearly $3 billion in secured claims in the case, are to receive the lion's share of the new equity offering.

“Thanks to the hard...
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