Bank seeks examiner for SemGroup case
Bank seeks examiner for SemGroup case

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Published: September 7, 2008

TULSA - One of the key financial lenders for a collapsed Tulsa energy company has asked a federal bankruptcy judge to appoint an examiner to investigate its oil futures trading practices.

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The motion by Bank of America regarding SemGroup is scheduled to be heard on Wednesday in Wilmington, Delaware.

Tulsa-based SemGroup filed for Chapter 11 bankruptcy protection in July after reporting it lost $2.4 billion on failed oil futures positions. Reports indicate that SemGroup went into credit default and quit paying pre-bankruptcy oil suppliers.

Bank of America helped put together a $250 million "debtor in possession" to keep SemGroup operational while it plans to sell off its assets. The company has been approved to use $150 million so far.


 

Related Topics: Business, Financial Markets, Company Activities and Information, Company Bankruptcies, Commodity Markets, Options and Futures Markets

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