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Suppliers To SemGroup Win Ruling
posted 10:27 am Wed September 17, 2008 - Tulsa
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A ruling by a bankruptcy judge moves companies that sold oil and other products to bankrupt SemGroup a step closer to getting paid.
The order by Judge Brendan Shannon in Delaware allows the companies to file a claim for goods they sold on credit to SemGroup in the 20 days before the Tulsa company filed for bankruptcy.
SemGroup can review the claim and pay all or part of it or challenge it.
Reports indicate the company owes between $400 million and $1 billion to dozens of producers nationwide.
SemGroup filed for Chapter 11 bankruptcy protection July 22 saying it owed close to $2.5 billion to creditors.
SemGroup also lost about $2.4 billion in the oil futures market.
On The Net:
www.semgrouplp.com
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