SemGroup Seeks Approval Of $250M DIP Loan

Law360, New York (July 29, 2008, 12:00 AM EDT) -- Failed oil distributor SemGroup LP has asked a bankruptcy judge to approve a $250 million loan it says it needs to stay afloat until it can be sold in bankruptcy.

In an emergency motion filed Monday in the U.S. Bankruptcy Court for the District of Delaware, SemGroup asked the court to approve a $250 million debtor-in-possession credit facility from Bank of America and other lenders.

SemGroup is eager to secure the financing before Aug. 15, when cash available under a cash collateral order signed July 23...
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