SemGroup, LP and certain of its subsidiaries today announced the filing of their Plan of Reorganization (the "Plan") and related Disclosure Statement (the "Disclosure Statement") with the U.S. Bankruptcy Court for the District of Delaware.
"The filing of the plan and disclosure statement is a major milestone in SemGroup's restructuring," said Terry Ronan, the company's president and chief executive. "The plan will allow SemGroup to exit bankruptcy with a stronger balance sheet, reduced debt, and more efficient operations to ensure the company remains a leader in the gathering, storage, transportation and distribution of crude oil, refined petroleum products, and natural gas."
Key provisions of the Company's Plan, as filed with the Bankruptcy Court, include:
"I would like to thank all of our talented employees who have worked so hard to make this plan possible and ensure SemGroup's place atop the industry for years to come," Ronan said. "While we have accomplished much, there's still a lot of work ahead of us. We all need to remain focused to make the restructuring a success."
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