SemGroup timeline

Published: July 26, 2008

July 15

•SemGroup LP discloses cash-flow problems during a telephone call with lenders, according to a report in the Wall Street Journal.

July 16

•SemGroup transfers its oil futures account to Barclays, triggering a $2.4 billion loss. That includes $290 million that is owed to SemGroup by a trading company wholly owned by SemGroup Chief Executive Officer Tom Kivisto.

•Kivisto resigns from the board of Tulsa-based BOK Financial Corp., parent of Bank of Oklahoma, which provided hedging services to SemGroup.

July 17

•Kivisto ousted as SemGroup chief executive officer, although company later reports he has been placed on "administrative leave.”

•Shares of SemGroup Energy Partners, the publicly traded subsidiary of SemGroup LP, plummet 51 percent.

•Fitch Ratings and Moody's Investor Service downgrade SemGroup's debt and report that the company's default chances have increased substantially.

•SemGroup Energy Partners issue statement about parent company's "liquidity crisis.” Bankruptcy is raised as potential outcome.

Monday

•An investor group seizes control of the publicly traded company after the parent company defaults on a secured loan agreement.

•U.S. Securities and Exchange Commission opens investigation into SemGroup Energy Partners' disclosures about the parent company's financial collapse.

Tuesday

•SemGroup LP files Chapter 11 bankruptcy in Delaware and says it will sell off its assets.

•New leadership of SemGroup Energy Partners says they will try to find customers to replace parent company's business and will consider bids for a merger or acquisition.

•Two shareholder lawsuits are filed against SemGroup Energy Partners, including one plaintiff represented by an Oklahoma City law firm.

Wednesday

•Creditors suggest that fraudulent futures trading may have contributed to bankruptcy.

•BOK Financial reports it expects to take $71 million in charges against its second-earnings related to SemGroup loans and contracts.

•U.S. Attorney's office in Oklahoma City issues subpoenas ordering SemGroup Energy Partners to preserve and deliver documents regarding parent company's financial activities.

Friday

•Bank of America sues Kivisto for $12.9 million after he defaults on a personal loan secured by his trust's interest in SemGroup LP.

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