TULSA, Okla., Jan. 6 /PRNewswire/ -- SemGroup, L.P. issued the following statement today to clarify the company's restructuring process, which began in July 2008 when SemGroup and certain subsidiaries voluntarily filed for protection under Chapter 11 of the U.S. Bankruptcy Code:
The company's management committee and its officers are committed to maximizing recoveries for its creditors and equity holders, as required by the Bankruptcy Code.
To ensure a successful reorganization, the company will consider all restructuring proposals, including any plan that may be forthcoming from a group led by John Catsimatidis. The company will also continue to market its assets and evaluate offers received in light of the company's stated objective of maximizing value for its creditors and equity holders.
The company and its advisors will continue to conduct a process that gives transparent, equal and fair consideration to all potential alternatives for the company's businesses and assets. If and when Mr. Catsimatidis makes a formal restructuring proposal, it will receive the same consideration as any other proposal.
The company appreciates and encourages interested parties to participate in this process. To date, the company has not received a formal restructuring proposal from Mr. Catsimatidis.
The current economic environment makes the plight of the company's employees of special concern to the members of the Management Committee and its officers. Wherever possible and consistent with obligations under the Bankruptcy Code, any restructuring or sale of the company's businesses and assets will also seek to protect the interests of the company's employees.
About SemGroup
SemGroup is a midstream service company providing the energy industry means to move products from the wellhead to the wholesale marketplace. SemGroup provides diversified services for end users and consumers of crude oil, natural gas, natural gas liquids, refined products and asphalt. Services include purchasing, selling, processing, transporting, terminaling and storing energy.
Forward-Looking Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about SemGroup's activities. Words such as 'believe,' 'anticipates,' 'expects,' and similar language are intended to identify such forward-looking statements. The statements are based upon management's current expectations, estimates and projections. They are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond the company's control and are difficult to predict. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, SemGroup undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE SemGroup, L.P.
