Conoco, BP seek to slow Semgroup bankruptcy plan

WILMINGTON, Del., Sept 24 (Reuters) - ConocoPhillips (COP.N) and BP (BP.L) have asked a federal judge handling Semgroup's bankruptcy to postpone a Thursday hearing that is key to bringing the oil services company out of Chapter 11 in November, according to filings on Wednesday.

Semgroup [SEMGP.UL] reached an agreement last week with a committee of energy producers, the last large group opposed to its reorganization plan. ConocoPhillips and BP were not part of the committee or the agreement. [ID:nN16143376]

As a key component of the agreement, Semgroup said it planned to ask the court to release $122 million placed into escrow, pending the outcome of related disputes, by BP, ConocoPhillips and J Aron & Co, which is a unit of Goldman Sachs (GS.N).

On Tuesday, Semgroup filed a fourth amended plan of reorganization and asked the court to approve a disclosure statement at Thursday's hearing.

The company must have a disclosure statement approved before it can ask creditors to vote to approve its restructuring. Delaying the disclosure statement hearing could derail Semgroup's plans to have its reorganization plan approved by the court on Oct. 26.

BP and ConocoPhillips said they need more time to review the disclosure statement.

"ConocoPhillips opposes the debtors efforts to ram through this 'amended' (i.e., completely new and different) disclosure statement."

ConocoPhillips asked that the hearing be postponed until "a date well after" Thursday.

The case is In re SemCrude LP, U.S. Bankruptcy Court, District of Delaware, No 08-11525. (Reporting by Tom Hals; Editing by Anshuman Daga)