SemGroup, Catsimatidis lawsuit settlement garners court approval

By Caroline Salls

Pittsburgh, July 30 - SemGroup, LP received court approval of a lawsuit settlement with a group composed of John Catsimatidis and some of his associates, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

As part of the agreement, Catsimatidis and three other members of the management committee of SemGroup's general partner, including J. Nelson Happy, James Hansel and Martin Bring, will withdraw their objection to the company's disclosure statement for its plan of reorganization and support the plan.

In addition, Catsimatidis, Happy, Hansel and Bring will resign from the management committee when the settlement takes effect.

Also under the settlement, United Refining will purchase SemMaterials' interest in an asphalt marketing joint venture for a one-time payment of $3.9 million.

SemGroup, a Tulsa, Okla., privately held limited partnership that provides midstream services to North America's energy industry, filed for bankruptcy on July 22, 2008. Its Chapter 11 case number is 08-11525.

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