Two of three main creditor groups already have expressed support for the reorganization plan, but the Official Producers Committee objected to several SemGroup disclosures filed last month. SemGroup hopes to emerge from Chapter 11 as a publicly traded company focused on oil and gas storage and transportation.

“The disclosure statement fails to provide adequate information concerning the treatment of secured producer claims and incorrectly and misleadingly states the plan provides producers with payment in full,” according to the preliminary objection filed Wednesday in Delaware federal bankruptcy court.

SemGroup filed for Chapter 11 protection last July after losing $2.4 billion in margin calls on failed oil futures positions. The Tulsa firm also failed to pay producers between $400 million and $1 billion for oil and gas picked up before and during the bankruptcy period, according to reports.

The reorganization plan released May 15 projects that SemGroup will emerge in the third quarter as a public company offering $2.27 billion in equity and cash to creditors. The secured creditors, such as banks, hedge funds and some producers, would hold more than 90 percent of the company in the debt-for-equity swap, according to the plan.

Creditors will vote on the plan later this month. SemGroup

Reorganization documents indicate that producers could receive up to 100 percent of their claims. Overall, creditors would be paid back about 40 cents to 50 cents on the dollar, according to figures used in the report.

However, the producers committee alleges that SemGroup’s disclosure does not give enough detail about the company’s assets and liabilities or adequate information about the plan’s feasibility.