SemGroup in $89.8 mln settlement with Goldman unit
NEW YORK, Nov 4 (Reuters) - Goldman Sachs' (GS.N) commodity trading unit, J. Aron, has agreed to pay $89.8 million to close out several contracts with bankrupt energy trader SemGroup LP [SEMGP.UL], according to court documents filed by SemGroup.
The trades are related to swaps, options and contracts for purchases of crude oil and propane that were affected when SemGroup filed for bankruptcy in July, according to the documents, filed late on Monday.
SemGroup is seeking approval of the settlement from the U.S. Bankruptcy Court in Delaware. It said in the documents that the settlement is a "reasonable determination" of the amount J. Aron owed SemGroup in the trades.
"There is no material dispute between the parties as to the amount owed," it said.
A Goldman Sachs representative was not immediately available for comment.
A court hearing on the settlement is proposed for Nov. 24, the documents showed.
SemGroup filed for Chapter 11 bankruptcy protection on July 22, citing $3.2 billion in losses on energy futures and derivatives trades. (Reporting by Emily Chasan; editing by John Wallace)
