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SemGroup Emerges From Chapter 11 Restructuring

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SemGroup Corporation announced Tuesday it has emerged from Chapter 11 as a newly reorganized public company. SemGroup Corporation announced Tuesday it has emerged from Chapter 11 as a newly reorganized public company.

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TULSA, OK – SemGroup Corporation announced Tuesday it has emerged from Chapter 11 as a newly reorganized public company, with a plan to distribute more than $2.5 billion in value to its stakeholders.

"Today marks a new chapter in SemGroup's history," said Norm Szydlowski, the company's president and chief executive officer. "While the restructuring was a challenging process, we are truly proud of the results. We are implementing a plan that was overwhelmingly supported by our creditors and that provides SemGroup with the liquidity and financial flexibility needed to compete in the current economic environment and beyond."

The Hon. Brendan Shannon of the U.S. Bankruptcy Court for the District of Delaware confirmed the company's Plan of Reorganization on October 28, 2009. The Plan, which is supported by access to a $500 million exit financing facility, became effective on November 30, 2009.

Distributions to creditors will begin immediately. Creditors will receive distributions in the form of cash, common stock and common stock warrants, as well as interests in a Litigation Trust. SemGroup expects its common stock to begin trading on a National Security Exchange by mid-2010.

"We are emerging from Chapter 11 restructuring with all of our major businesses intact," Szydlowski said. "This will ensure the company remains a leader in the processing, transporting, terminalling and storing of energy."

"I'd like to take this time to thank all of our skilled and dedicated employees for their tremendous efforts throughout this process," Szydlowski added. "I know that our valued and loyal customers can continue to count on all of our employees to make the new SemGroup a rousing success."

Szydlowski succeeds Terry Ronan as president and CEO of the company now that it has emerged from Chapter 11. Ronan led SemGroup through the restructuring.

As previously announced, the company also has a new seven-member board of directors. John F. Chlebowski is chairman.

SemGroup, LP and certain subsidiaries filed voluntary petitions for Chapter 11 under the U.S. Bankruptcy Code on July 22, 2008.

11/16/2009  Related Story: SemGroup Energy Partners To Change Its Name

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