TULSA, Okla. (AP) - A settlement reached last week between SemGroup Energy Partners LP and its bankrupt parent, SemGroup LP,
has been approved by a U.S. bankruptcy judge.
A federal judge in Wilmington, Del., approved the agreement Tuesday.
The three-month deal directs SemGroup LP to pay utility costs on shared property and guarantees SemGroup Energy a $4.9 million line of credit.
The two sides can review the agreement in November.
SemGroup LP filed for Chapter 11 bankruptcy protection July 22 saying it had about $2.5 billion owed to various creditors. Court records show the company also lost another $2.4 billion or more in oil futures transactions.
Shares of SemGroup Energy were trading at $9.37 early Wednesday on the Nasdaq Stock Market.
Information from: Tulsa World, http://www.tulsaworld.com
(Copyright 2008 by The Associated Press. All Rights Reserved.)