The banks who hold billions in liens against the bankrupt Tulsa energy company said they hope that the Official Producers Committee will accept non-binding mediation to settle their dispute. The company’s amended reorganization plan, filed earlier this week, offers as much as $253 million, including $43 million in new money, to producers who “opt in” to their settlement offer.

“We think we have made a generous proposal to the producers and we are willing to let somebody else look at to make that determination,” Bank of America attorney Margot Schonholz told U.S. Bankruptcy Judge Brendan L. Shannon.

The producers committee, however, has taken its challenge to the Third Circuit U.S. Court of Appeals. The group appealed Shannon’s ruling this summer that secured lenders, such as banks, have the priority status over unsecured parties such as oil and gas firms which sold product to SemGroup on credit prior to the bankruptcy.

Producers in Oklahoma, Texas and Kansas argued they are owed more than $400 million.

The Oklahoma tab totals close to $180 million, according to reports.

Bank of America is SemGroup’s administrative agent through the bankruptcy and one of its primary creditors. The current reorganization plan, which faces a Sept. 16 confirmation hearing, calls for secured lenders to get 95 percent of the $2.26

Producers, in turn, would get only about eight cents on the dollar for the money owed them, according to reports. Their side contends that Oklahoma law, for example, asserts a “constructive trust” that sets oil and gas proceeds aside from other company assets.

Oklahoma City attorney Steven Bugg, who represents some of the producers, said he has not seen the banks’ mediation offer and cannot comment on it. The producers committee has asked Shannon to delay the confirmation hearing until the Third Circuit appeal is resolved.

SemGroup’s management supports the call for mediation.

“ The company welcomes the opportunity to participate in the mediation in any way that will be productive and result in a settlement with the producers,” SemGroup spokesman Tom Becker said.

Shannon, for his part Thursday, seemed to warm to the idea of a third-party involvement to resolve the dispute between secured and unsecured creditors.

“We’ve had substantial success in a number of cases with judicial mediation,” Shannon said. “I need to know whether the parties are interested.”

Attorneys representing the Official Producers Committee Lawyers said they needed to talk to their clients before making a decision on the mediation offer. Okahoma industry officials, such as Oklahoma Independent Petroleum Association President Mike Terry, have warned that millions owed to producers, royalty interest owners and others could force those smaller companies or individuals into their own bankruptcies.

SemGroup’s amended reorganization plan also asked Shannon to postpone the confirmation hearing from Sept. 16 until Oct. 26. The company needs creditor and court approval before it can emerge from Chapter 11 protections and limitations.

SemGroup LP was forced to file for bankruptcy in July 2008 after losing at least $2.4 billion in margin calls on failed oil futures positions, according to reports. The company has sold its SemMaterials asphalt and SemFuel refined storage units and hopes to reorganize as a public entity focused on crude oil storage and transportation services.