Judge OKs $150M SemGroup DIP Loan

Law360, New York (August 5, 2008, 12:00 AM EDT) -- A bankruptcy judge has partially approved a request by energy company SemGroup LP for debtor-in-possession funding to help keep it afloat, signing off on a $150 million loan financed by a group of lenders headed by Bank of America.

U.S. Bankruptcy Judge Brendan L. Shannon of the District of Delaware granted approval to the interim loan at a hearing on Tuesday, but will not rule on the remainder of the energy company's $250 million request until later this month.

The company's subsidiary and secured creditor, SemGroup...
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