TULSA, Okla. (AP) - A group of Oklahoma oil and gas producers are demanding SemGroup LP pay them first for goods the company picked up and sold in the weeks surrounding its bankruptcy.
They've filed a complaint in bankruptcy court in Delaware challenging Bank of America's contention it holds first rights to SemGroup's assets.
SemGroup apparently took possession of up to 1 billion dollars worth of oil, natural gas, asphalt and other goods in the weeks before filing for Chapter 11 bankruptcy.
The oil and gas producers say SemGroup has continued selling some or all of those products since the bankruptcy filing.
A SemGroup spokesman says only that the company is looking forward to hearing the judge's decision.
SemGroup says it plans to eventually sell its oil and asphalt storage, pipeline and terminal assets to pay off creditors.
(Copyright 2008 by The Associated Press. All Rights Reserved.)