SemGroup Discloses Restructuring Plan

Saturday, May 16th 2009, 5:58 pm
By: News On 6

News On 6

TULSA, OK -- SemGroup says it will emerge from bankruptcy and once again become a publicly traded company.

In a statement filed Friday night in bankruptcy court, SemGroup officials disclosed their restructuring plan.

SemGroup intends to employ about 1,000 people and keep most of its oil and gas subsidiaries.

It also plans to keep the company headquartered in Tulsa.

The biggest change would be in ownership. Creditors will own more than 90 percent of the company's equity, leaving former equity holders, including former CEO Tom Kivisto, with no stake in ownership.

The company's plan, though, is at the mercy of the U.S. Bankruptcy Court in Delaware.