Judge Signs Off On SemGroup Settlement

Law360, New York (September 9, 2008, 12:00 AM EDT) -- A judge has approved a settlement between bankrupt oil distributor SemGroup LP and its publicly traded affiliate, SemGroup Energy Partners LP, which had previously moved to block its parent company's bankruptcy financing.

Judge Brendan L. Shannon of the U.S. Bankruptcy Court for the District of Delaware signed off on the agreement Monday.

Under the agreement, SemGroup LP will pay SemGroup Energy Partners $3.1 million for past and future utility costs on certain shared properties. The parent company will also provide the subsidiary with a $4.9 million...
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