SemGroup files bankruptcy reorganisation plan

SemGroup LP on Friday filed a bankruptcy reorganisation plan with the court, saying it has lined up $500 million in financing, and expects to emerge from Chapter 11 as a publicly traded company later this year. SemGroup, an oil and gas services company, was the 14th-largest privately held US company when it filed for bankruptcy protection in July 2008, after sustaining $3.2 billion in losses due to bad bets on oil prices.
The company, which had earlier expected to liquidate, on Friday filed a Chapter 11 reorganisation plan with a Delaware bankruptcy court, saying it expects to be able to distribute about $2.27 billion in value to its creditors. The company said it is still on track to emerge from bankruptcy in the third quarter of 2009, pending a creditor vote, and court approval.