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SemGroup gets court OK for initial bankruptcy motions

NEW YORK
Wed Jul 23, 2008 8:12pm EDT

NEW YORK (Reuters) - SemGroup LP, an Oklahoma-based oil trading services company, on Wednesday said it received approval from the Bankruptcy Court for its initial motions related to its bankruptcy.

It has received permission from the court and its lenders to use cash generated through its business operations to meet its obligations connected to trade payables, and wages and benefits.

SemGroup, the 12th-biggest privately-held U.S. company, also is negotiating with its lenders to secure debtor-in-possession financing, a facility it expects to get within a week following its bankruptcy filing which took place on Tuesday.

(Reporting by Phil Wahba; editing by Carol Bishopric)


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