Next For SemGroup: Chapter 11 Restructuring Plan

Friday, May 15th 2009, 7:41 am
By: News On 6

TULSA, OK -- Tulsa-based SemGroup is expected to file a Chapter 11 restructuring plan Friday in federal court.

The plan will provide details on how the company can pay back billions of dollars in debt and come out of bankruptcy.

SemGroup is facing several lawsuits from investors who claim they were cheated out of millions of dollars.

4/27/2009 Related story: Former SemGroup Officials Respond To Bankruptcy Report

New York billionaire John Catsimatidis is battling SemGroup executives for the right to lead the company's restructuring process.