News On 6
NEW YORK, NY -- John Catsimatidis has made a bid for all the assets of SemMaterials, a subsidiary of the bankrupt energy company.
Catsimatidis is the chairman of the Red Apple Group which controls five of the nine seats on SemGroup's management committee.
SemGroup is considering the bid.
Last month, the company asked a federal judge for permission to sell SemMaterials. Catsimatidis believes that sale would be premature and says he's working on a reorganization plan for all of SemGroup's assets.