Judge delays decision in SemGroup case

TULSA, Okla. (AP) - A bankruptcy judge in Delaware will wait until Tuesday to decide whether Tulsa-based SemGroup LP can take a 250 million dollar loan to keep it in business a little while longer.

The judge previously approved the use of about 50 million dollars which SemGroup officials say will keep the company going until August 15th.

SemGroup filed for Chapter 11 bankruptcy on July 22nd saying it lost more than 2.4 billion dollars in the oil futures markets.

The company also owes more than 2.5 billion dollars to Bank of America and other lenders.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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  • by IRIS Location: KS on Aug 11, 2008 at 10:31 AM
    This coompany CE0'S and president should sit in prison for what they did to the people that send them there oil. they committed fraud! They waited till 2 months oil was sent, then filed. It is really sad that greed has become the main thing in this country. They are no better than the thief that breaks into your home and steals. I think the judge shoulkd throw the book at them, isted of letting them operate spending more money they should take and pay the operators and payees. On top oof all that they are commiting extorsion by try to get us to sign a disclaimer to sell them more oil. How stupid do they think we are!
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