Headlines
SemGroup may exit court Nov. 30
11/20/2009
SemGroup LP's 16-month journey through Chapter 11 should end in less than two weeks, a company attorney told a bankruptcy judge Thursday.
SemGroup chooses new CFO
11/18/2009
SemGroup LP's choice for chief financial officer is a longtime Tulsan with deep experience in the energy, transportation and accounting fields, company officials announced Tuesday.
Sem spinoff renamed Blueknight
11/14/2009
The publicly traded former subsidiary of SemGroup LP took a big step in separating itself from the bankrupt parent company Friday, announcing a name change and a third-quarter earnings report.
SemGroup pushes CEO bonus
11/14/2009
SemGroup LP executives want to reward outgoing CEO Terry Ronan with a $400,000 bonus for his work guiding the Tulsa company past its financial collapse toward emergence from Chapter 11 bankruptcy as early as next week, according to court records.
SemGroup Energy Partners changes name, issues 3Q report
11/13/2009
The publicly traded former subsidiary of SemGroup LP took another big step forward with an earnings report and name change Friday, separating itself further from the bankrupt onetime parent company.
Outgoing SemGroup CEO deserves bonus, employers say
11/13/2009
The motion seeks a Nov. 19 hearing to discuss the proposed bonus.
SemGroup Energy Partners running late on third-quarter report
11/12/2009
The publicly traded, onetime subsidiary of bankrupt SemGroup LP is behind again in its reporting duties to the U.S. Securities and Exchange Commission, only months after the Tulsa-based company finally caught up on its quarterly earnings reports.
SemGroup appoints head of accounting
11/3/2009
SemGroup LP announced late Monday it has selected Paul Largess as its chief accounting officer.
SemGroup LP names chief accounting officer
11/2/2009
SemGroup LP announced late Monday it has selected Paul Largess as its chief accounting officer.
SemGroup plan to reorganize approved
10/27/2009
SemGroup LP, once a shining light of privately held Tulsa energy companies, which actually was hiding a mountain of debt, finally will emerge as a publicly traded and leaner midstream oil and gas firm after 15 months of bankruptcy, officials said Monday.
Judge approves SemGroup reorganization plan
10/26/2009
SemGroup LP, once a shining light of privately held Tulsa energy companies which actually was hiding a mountain of debt, finally will emerge as a publicly traded and leaner midstream oil and gas firm after 15 months of bankruptcy, officials said Monday.
SemGroup to present plan
10/24/2009
SemGroup LP's date with destiny comes Monday when a judge hears what could be the final arguments about whether the bankrupt Tulsa energy company's reorganization plan is acceptable to court and creditors.
Ex-SemGroup LP exec charged by SEC
10/24/2009
The U.S. Securities and Exchange Commission charged a former SemGroup LP executive Friday with dumping stock in subsidiary SemGroup Energy Partners LP before the public learned that the parent company was in financial collapse.
Billionaire finds new partner in Oklahoma
10/14/2009
New York billionaire John Catsimatidis' acquisition company, which dropped a bid earlier this year to take control of Tulsa-based SemGroup LP, announced Tuesday it has found a new Oklahoma energy partner.
Dutch purchase big chunk of SGLP
10/9/2009
A subsidiary of a privately held Dutch energy conglomerate has purchased the general partner and a sizable number of traded units of SemGroup Energy Partners LP, the onetime subsidiary of bankrupt Tulsa-based midstream company SemGroup LP, officials announced Thursday.
SemGroup's chosen CFO resigns
10/7/2009
SemGroup LP will look for a new chief financial officer after chosen candidate Philip Reedy resigned Monday less than a month after agreeing to take the job, the bankrupt Tulsa-based energy company announced Tuesday.
SemGroup fallout detailed
9/29/2009
Oil and gas producers may have lost millions to SemGroup's bankruptcy, but they may have learned a thing or two about how to protect their product in the future, an energy attorney said Monday.
SemGroup reorganization plan wins judge's OK
9/25/2009
The bankruptcy judge overseeing SemGroup LP's Chapter 11 case approved the Tulsa company's disclosure statement Thursday, sending its reorganization plan to a vote of creditors.
SemGroup will pay more to oil, gas producers
9/23/2009
SemGroup LP will pay oil and gas producers up to $337 million to smooth a yearlong conflict and pave the way for the Tulsa-based company's exit from Chapter 11 bankruptcy, according to documents filed Tuesday in U.S. Bankruptcy Court in Wilmington, Del.
SemGroup’s producers settlement tops $300 million
9/22/2009
SemGroup LP will pay oil and gas producers up to $337 million as part to a settlement that could pave the company’s way out of Chapter 11 bankruptcy.
SemGroup, creditors reach pact
9/17/2009
SemGroup LP's creditors and producers owed millions for oil and gas sold before bankruptcy have come to an agreement that could allow the Tulsa-based company to emerge from Chapter 11 in two months, according to court documents.
Next SemGroup leaders to join creditors meeting
9/10/2009
The men waiting to take over SemGroup LP's two most important positions hope to start work almost immediately and will take part in a crucial meeting with creditors Thursday, officials said.
Next SemGroup leaders to join creditors meeting
9/9/2009
CEO Norm Szydlowski and Chief Financial Officer Philip Reedy were selected to lead SemGroup once it emerges from Chapter 11 bankruptcy. The Tulsa midstream energy company hopes to have them on board as consultants to current CEO Terry Ronan as soon as possible.
SemGroup announces new president, board of directors
9/9/2009
SemGroup LP announced late Tuesday it has selected longtime petroleum executive Norm Szydlowski as its new president and CEO.
SemGroup names new CEO, board
9/8/2009
SemGroup LP announced late Tuesday it has selected longtime petroleum executive Norm Szydlowski as its new president and CEO.
Tax agencies object to Sem reorganization
9/5/2009
State tax agencies in Pennsylvania and Louisiana jumped into the fight over SemGroup LP's reorganization this week, objecting to the plan because the bankrupt Tulsa-based energy company still owes them money.
Two states' tax agencies fight SemGroup's plan
9/4/2009
State tax agencies in Pennsylvania and Louisiana jump into the fight over SemGroup LP’s reorganization, objecting to the plan because the bankrupt company owes them money.
Court allows legal costs
8/29/2009
SemGroup LP co-founders Tom Kivisto, Gregory Wallace and Kevin Foxx can use a company-paid insurance fund to cover their legal defense costs, but only part of it and only in the lawsuit brought against them by their former employer.
SemGroup mediation requested
8/28/2009
SemGroup LP's secured lenders offered oil and gas producers a chance to work out their financial impasse through a third party instead of federal appeals court, according to reports from a Thursday hearing in Delaware bankruptcy court.
Judge: Kivisto, others can use $3.5 million in insurance for legal aid
8/28/2009
SemGroup LP co-founders Tom Kivisto, Gregory Wallace and Kevin Foxx can use a company-paid insurance fund to cover their legal defense costs, but only part of it and only in the lawsuit brought against them by their former employer.
SemGroup lender group seeks mediation with producers
8/27/2009
SemGroup LP’s secured lenders offered oil and gas producers a chance to work out their financial impasse through a third party instead of federal appeals court, according to reports from a Thursday hearing in Delaware bankruptcy court.
Sem amends, extends plan
8/26/2009
SemGroup LP amended its reorganization plan one more time Tuesday, offering oil and gas producers $43 million in new money for those who sign on to the proposal.
SGLP shows quarterly loss, is catching up on reporting
8/26/2009
SemGroup Energy Partners LP suffered a $3.5 million net loss for its second quarter, but the bigger news Tuesday may be that the publicly traded spinoff of bankrupt SemGroup LP has caught up on most of its reporting responsibilities and may seek relisting on the Nasdaq stock market.
Producers ask court for delay
8/20/2009
Dozens of oil and gas companies joined in the call Wednesday to delay confirmation of SemGroup's reorganization plan until an appellate court rules on producers' rights to fight for more than $400 million they say is owed to them by the bankrupt Tulsa company.
Oil producers ask for delay in ruling on SemGroup reorganization plan
8/19/2009
Dozens of oil and gas companies Wednesday joined in the call to delay confirmation of SemGroup’s reorganization plan until an appellate court rules on producers’ rights to fight for more than $400 million owed them by the bankrupt Tulsa-based firm.
Chinese win SemGroup LP assets
8/14/2009
A bankruptcy judge Thursday approved the sale of SemGroup's refined petroleum terminals to the U.S. subsidiary of a Chinese commodities conglomerate.
SemGroup Energy has loss
8/11/2009
SemGroup Energy Partners LP quietly and belatedly announced a first-quarter net loss of $1.7 million, according to a report filed with the U.S. Securities and Exchange Commission.
SemGroup Energy Partners loses $1.7 million in first quarter
8/10/2009
SemGroup Energy Partners LP quietly and belatedly announced a first-quarter net loss of $1.7 million, according to a report filed with the U.S. Securities and Exchange Commission.
SemGroup challenges former execs' insurance
8/7/2009
SemGroup LP and its unsecured creditors are challenging the right of co-founder and ex-CEO Tom Kivisto and other former executives to claim a $10 million insurance policy to cover their defense costs for lawsuits, including one against them filed by the bankrupt Tulsa-based company.
SemGroup opposes former executives tapping insurance for legal defense
8/6/2009
SemGroup LP and its unsecured creditors are challenging the right of co-founder and ex-CEO Tom Kivisto and other former executives to claim a $10 million insurance policy to cover their defense costs for lawsuits, including one against them filed by the bankrupt Tulsa-based company.
Firms outbid for terminals
8/5/2009
The U.S. subsidiary of a Hong Kong-based commodities and energy giant swooped in this week to outbid Tulsa companies QuikTrip Corp. and Magellan Midstream Partners LP for the SemFuel gasoline terminal assets in Glenpool, Tulsa, Kansas, Iowa and Fort Worth.
Chinese company high bidder for SemFuel assets
8/4/2009
The U.S. subsidiary of a Hong Kong-based commodities giant swooped in this week to outbid Tulsa companies QuikTrip Corp. and Magellan Midstream Partners LP for the SemFuel gasoline terminals assets in Glenpool, Tulsa, Kansas, Iowa and Fort Worth
Court approves SemGroup plan
7/31/2009
A bankruptcy judge Thursday approved the settlement between SemGroup LP and John Catsimatidis, formally ending the New Yorker's eight-month bid to guide the Tulsa-based company through reorganization.
State court asked to rule on SemGroup
7/30/2009
Oklahoma Attorney General Drew Edmondson said Wednesday that his office has entered the SemGroup LP fray, asking an appeals court to let the state Supreme Court, instead of a federal bankruptcy judge, decide laws determining hundreds of millions of dollars allegedly owed to oil and gas producers.
Settlement between SemGroup, suitor approved
7/30/2009
A bankruptcy judge Thursday approved the settlement between SemGroup LP and John Catsimatidis, formally ending the New Yorker’s eight-month bid to guide the Tulsa-based company through reorganization.
Edmondson enters SemGroup case on behalf of energy producers
7/29/2009
Oklahoma Attorney General Drew Edmondson enters the SemGroup LP fray, asking that the state Supreme Court, instead of a federal bankruptcy judge, determine how much oil and gas producers will get in the case.
SemGroup creditors ask to see bank data
7/28/2009
Investigators for a SemGroup LP creditor group want to pore over documents about BOK Financial Corp.'s eight-year credit relationship with bankrupt SemGroup, they requested in a court motion filed Monday.
Catsimatidis may have played role in SemGroup revival
7/26/2009
Goodbye Cat Man, we hardly knew ye.
SemGroup suitor drops out
7/21/2009
John Catsimatidis' departure from the SemGroup stage ends a colorful, competitive chapter in the company's yearlong bankruptcy proceeding. He came, he saw and he tried to conquer, but ultimately opted to take a small piece of the asphalt business and move on.
SemGroup overhaul plan to go to creditors
7/21/2009
SemGroup LP's reorganization plan will go forward to a vote of creditors, but New York billionaire John Catsimatidis and his partners will not be part of the bankrupt Tulsa company's future, officials said Monday.
SGLP on the comeback trail year after SemGroup collapse
7/17/2009
The struggles of SemGroup Energy Partners LP that began one year ago had many analysts shaking their heads in amazement at the possible demise of a once-proud Tulsa energy company.
SemGroup amends its plan
7/14/2009
SemGroup LP's amended reorganization plan filed Monday allows a little more room for claims by oil and gas producers, but still leaves New York suitor John Catsimatidis out in the cold.
SemGroup modifies reorganization plan
7/13/2009
SemGroup LP’s amended reorganization plan filed Monday allows a little more room for claims by oil and gas producers, but still leaves New York suitor John Catsimatidis out in the cold.
SemGroup's shadow
7/12/2009
Twelve months since SemGroup LP began its slide into Chapter 11 bankruptcy, the long-term impact of the company's collapse may be visualized best by what won't be seen around Tulsa in the near future.
SemGroup spiral
7/12/2009
One year later: A look at the major players, and where the company stands now
New front in SemGroup fight
7/10/2009
SemGroup's co-founders, Tom Kivisto, Kevin Foxx and Gregory Wallace, want a company-paid insurance policy to cover their defense costs in a lawsuit brought against them by their bankrupt former employer, they say in a motion filed Thursday in U.S. Bankruptcy Court in Wilmington, Del.
Ex-SemGroup executives seek lawsuit defense monies
7/9/2009
SemGroup’s co-founders, Tom Kivisto, Kevin Foxx and Gregory Wallace, want a company-paid insurance policy to cover their defense costs in a lawsuit brought against them by their bankrupt former employer, they say in a motion filed Thursday in U.S. Bankruptcy Court in Wilmington, Del.
SGLP reports profit of $17.8 million for 2008
7/3/2009
SemGroup Energy Partners LP generated a $17.8 million annual profit last year despite its parent SemGroup LP's financial collapse and bankruptcy, company officials said Thursday.
SemGroup Energy Partners files 2008 annual report
7/2/2009
SemGroup Energy Partners, the now separated spinoff from bankrupt SemGroup LP, files its annual earnings report for 2008.
Two Tulsa firms to buy SemGroup unit
6/30/2009
Bankrupt SemGroup LP plans to sell off much of its SemFuel refined petroleum unit to Tulsa companies QuikTrip Corp. and Magellan Midstream Partners LP for a combined $37 million, officials confirmed Monday.
QuikTrip, Magellan planning to buy SemGroup assets
6/29/2009
Bankrupt SemGroup LP will sell off much of its SemFuel refined petroleum unit to fellow Tulsa companies QuikTrip Corp. and Magellan Midstream Partners LP for a combined $37 million.
SemGroup LP rivals meet
6/26/2009
SemGroup CEO Terry Ronan and New York billionaire John Catsimatidis met face to face Thursday for the first time since they sued each other over control of the bankrupt Tulsa-based energy company earlier this year.
SemGroup rivals meet face to face
6/25/2009
SemGroup CEO Terry Ronan and New York billionaire John Catsimatidis meet face to face for the first time since they sued each other over control of the bankrupt Tulsa-based energy company earlier this year.
SemGroup plans upcoming
6/24/2009
SemGroup LP may have to revise the disclosure statement detailing a reorganization plan that will be the focus of a crucial hearing, while the bankrupt company's New York suitor is moving a meeting on his own proposal to the same day, according to reports Tuesday.
SemGroup plans advancing
6/20/2009
New York billionaire John Catsimatidis on Tuesday will present a reorganization plan for bankrupt SemGroup LP, his spokesman said Friday.
Oil and gas producers raise ante on SGLP
6/19/2009
Opposition to SemGroup LP's reorganization plan mounted Thursday from oil and gas producers, former trading partners and the man who claims the right to run the bankrupt Tulsa-based energy company.
Catsimatidis to unveil plan for SemGroup
6/19/2009
New York billionaire John Catsimatidis has finally delivered on his promise to come up with a reorganization plan for bankrupt SemGroup LP, his spokesman said Friday.
SemGroup reorganization plan meets resistance
6/18/2009
Opposition to SemGroup LP’s reorganization plan mounted Thursday from oil and gas producers, former trading partners and the man who claims the right to run the bankrupt Tulsa-based energy company.
SemGroup creditors object to disclosure
6/11/2009
A group of oil and gas producers owed millions by bankrupt SemGroup LP objected Wednesday to the Tulsa energy company's Chapter 11 disclosures about its reorganization plan, calling the proposal "patently unconfirmable" and misleading about how they will be repaid.
Asphalt outfit rising anew
6/10/2009
A new outfit rising from the ashes of SemMaterials is now occupying the company's old office space in southeast Tulsa, but it's still waiting for court approval to take over contracts, leases and other commitments from bankrupt SemGroup's former asphalt unit.
Producer group objects to SemGroup reorganization plan
6/10/2009
A group of oil and gas producers owed millions by bankrupt SemGroup LP objected Wednesday to the Tulsa energy company’s Chapter 11 disclosures about its reorganization plan, calling the proposal “patently unconfirmable” and misleading about how they will be repaid.
SemGroup Energy adding customers
6/5/2009
Tulsa-based SemGroup Energy Partners LP announced it has signed additional asphalt storage customers.
SemGroup Energy gains more asphalt storage clients
6/4/2009
Tulsa-based SemGroup Energy Partners LP announced it has signed additional asphalt storage customers to increase the number of its facilities under contract or lease to 45 of the 46 it owns.
SemGroup pact in the works
6/3/2009
Two of SemGroup LP's three main creditor groups tentatively agreed Tuesday to support a plan to reorganize the bankrupt Tulsa energy business.
Two creditor groups back SemGroup reorganization plan
6/2/2009
Two of SemGroup LP’s three main creditor groups tentatively agreed Tuesday to support a plan to reorganize the bankrupt Tulsa energy business.
SemGroup releases 3Q report
5/29/2009
SemGroup Energy Partners LP's journey back to accountability took another step forward this week when the Tulsa-based midstream energy company released its report for last year's third quarter.
SemGroup Energy Partners reports 2008 third-quarter loss; asset rise
5/28/2009
The report showed publicly traded SGLP with an $11.85 million net loss for the period ending Sept. 30, 2008. The company’s total current assets, however, rose to $48.8 million that quarter from only $13.9 million six months earlier.
SemGroup move opposed
5/28/2009
The New York Mercantile Exchange is opposing SemGroup LP's move to sell its two seats on the futures trading floor unless the proceeds are first used to satisfy claims arising from transactions on the exchange, according to a filing Wednesday in a Delaware federal court.
SemGroup Energy Partners reports loss for third quarter
5/28/2009
SemGroup Energy Partners LP’s journey back to accountability took another step forward this week when the Tulsa-based midstream energy company released its report for last year’s third quarter.
Exchange files claim against SemGroup
5/27/2009
The New York Mercantile Exchange opposes SemGroup LP’s move to sell its two seats on the futures trading floor unless the proceeds are first used to satisfy claims arising from transactions on the exchange.
SemGroup pipeline ready for operation
5/19/2009
The 524-mile White Cliffs Pipeline project — a key piece of SemGroup LP's reorganization plan — is completed and will be delivering crude oil from Colorado to Cushing soon, CEO Terry Ronan told employees in a memo Monday.
SemGroup files plan to reorganize
5/16/2009
A reorganized SemGroup LP would employ about 1,000 people, keep operating most of its current business units performing oil and gas storage and transportation services, and stay based in Tulsa, according to a plan filed Friday night in the company's Delaware bankruptcy case.
SemGroup could have new CEO this year
5/15/2009
SemGroup LP could have a new CEO by fall. The bankrupt Tulsa energy company wants court approval to hire a worldwide search firm to find two top executives and a board of directors as it emerges from Chapter 11 bankruptcy later this year.
No SemGroup peace seen
5/14/2009
SemGroup LP's long-awaited reorganization plan should be filed Friday, but it may not be the end of the Tulsa energy company's road past Chapter 11 bankruptcy.
SemGroup expected to file reorganization plan Friday
5/13/2009
SemGroup LP’s long-awaited reorganization plan should be filed Friday, but it may not be the end of the Tulsa energy company’s road past Chapter 11 bankruptcy.
Brand, 77 jobs stay in Tulsa
5/12/2009
SemMaterials' trademarked asphalt road brands and 77 jobs will stay in Tulsa as part of an Illinois company's acquisition approved Monday in Delaware Bankruptcy Court.
Purchase of SemGroup's asphalt assets approved
5/11/2009
An Illinois company connected to one of SemGroup LP’s primary investors will pay $6.5 million for the bankrupt Tulsa company’s tradmarked asphalt assets, a Delaware judge ruled Monday.
Lawyer hopeful about debts
5/7/2009
Many oil and gas producers fear they may get only pennies on the dollar, if that, for the $400 million and more owed them by bankrupt SemGroup LP. But one of its attorneys remains optimistic about total payback.
Attorney for producers in SemGroup case remains hopeful on recovery
5/6/2009
Many oil and gas producers fear they may get only pennies on the dollar, if that, for the $400 million and more owed them by bankrupt SemGroup LP, but one of their attorneys remains optimistic about total payback.
Freeh responds to criticism
5/2/2009
The U.S. examiner who recently filed a 258-page report on bankrupt SemGroup LP is taking issue with recent criticism by the attorney for the company's former CEO.
SemGroup examiner responds to criticism of report
5/1/2009
The U.S. examiner who recently filed a 258-page report on bankrupt SemGroup LP is taking issue with recent criticism by the attorney for the company’s former CEO.
Attorney settles SEC charges
4/29/2009
A Tulsa attorney has agreed to settle charges by the U.S. Securities and Exchange Commission that he used insider information to sell stock in SemGroup Energy Partners LP before the shares plunged last summer.
Kivisto lawyer says report slanted
4/28/2009
The U.S. examiner looking into SemGroup's bankruptcy overlooked, ignored or simply didn't understand oil trading in a way that might have balanced his April 15 report that partially blames Tom Kivisto, who co-founded SemGroup, for the company's collapse, Kivisto's Tulsa attorney said Monday.
Kivisto's attorney disputes findings of SemGroup examiner's report
4/27/2009
The attorney for former SemGroup LP CEO and co-founder Tom Kivisto finally fired back Monday against parts of the April 15 U.S. examiner’s report that accused his client of misdeeds leading to the Tulsa company’s financial collapse and bankruptcy.
SemGroup alarms came early
4/25/2009
Some SemGroup LP insiders claim that they did not realize the devastating impact of the company's futures trading losses until it was too late, but outsiders raised plenty of warning flags in the year prior to bankruptcy last year, according to a Tulsa World analysis of court documents.
SemGroup judge rules to move lawsuits
4/24/2009
The judge overseeing SemGroup LP's Chapter 11 bankruptcy in Delaware ruled Thursday that the lawsuits pitting would-be bidder John Catsimatidis and his group against CEO Terry Ronan and other executives deserve to be heard in a Wilmington, Del., courtroom instead of in Tulsa.
Judge says SemGroup power struggle stays in Delaware
4/23/2009
The judge overseeing SemGroup LP’s Chapter 11 bankruptcy in Delaware says lawsuits pitting would-be bidder John Catsimatidis and his group against CEO Terry Ronan and other executives deserve to be heard in Wilmington, Del., instead of Tulsa.
Possible buyer found for SemMaterials’ research, technologies
4/21/2009
A company affiliated with SemGroup LP minority owner Thane Ritchie has stepped up with a $6.5 million offer to buy SemMaterials’ intellectual property rights and other property at its Tulsa offices.
Conspiracy alleged by SemGroup co-founder
4/18/2009
Gregory Wallace invoked his Fifth Amendment right when questioned by U.S Examiner's investigators in SemGroup's bankruptcy case, but this week he blasted his former company's legal and financial advisers for allegedly conspiring to help make him a "target" and limit his access to information used in the four-month probe, according to a court filing.
SemGroup seeks sale of Nymex seats
4/18/2009
Nine months after oil futures trading losses crushed SemGroup LP and sent it into bankruptcy, the company said Friday that it wants to sell its two seats on the New York Mercantile Exchange.
Kivisto played hunches: Execs say as SemGroup LP was slipping, everyone thought their golden boy could pull off a win.
4/17/2009
Tom Kivisto may have so dominated SemGroup LP's corporate culture that other high-level executives either did not know about his risky oil trading strategies and private investments or refused to confront him about them, investigators allege in a recent document.
U.S. examiner's report reveals relationships
4/17/2009
Whether or not SemGroup co-founder Tom Kivisto's oil futures trading activities were criminal or careless may be for investigators and prosecutors to decide someday. One consistent theme alleged within the U.S. examiner's report, however, is that personal relationships were intertwined with some of his business activities.
Examiner puts blame on Kivisto
4/16/2009
SemGroup LP co-founder and CEO Tom Kivisto is accused of running his company into bankruptcy through a speculative, unsupervised oil trading strategy, paying himself and fellow co-founder Gregory Wallace millions in bonuses without oversight, misleading co-workers and lenders, and using funds for personal investments, according to a U.S. examiner's report filed Wednesday evening in Delaware federal court.
SemGroup gets extension
4/15/2009
SemGroup LP has one more month to come up with its own Chapter 11 reorganization plan, a bankruptcy judge ruled Tuesday in Wilmington, Del.
SemGroup seeks dismissal of Catsimatidis lawsuit
4/14/2009
The federal lawsuit filed in Tulsa against SemGroup LP CEO Terry Ronan by John Catsimatidis, a would-be bidder for the company, and his colleagues on its management committee should be dismissed because of a lack of jurisdiction and the potential for legal chaos, SemGroup attorneys argue in a motion.
Kivisto agrees to pay bank
4/11/2009
SemGroup LP founder and former CEO Tom Kivisto has agreed to pay Bank of America to resolve a lawsuit over a $15 million loan he took out three years ago, according to a Tulsa federal court motion filed Friday.
Kivisto, Bank of America agree to settle lawsuit
4/10/2009
SemGroup LP founder and former CEO Tom Kivisto has agreed to pay Bank of America to resolve a lawsuit over a $15 million loan he took out three years ago, according to a Tulsa federal court motion filed Friday morning.
SGLP wins waiver on banking agreement
4/9/2009
SemGroup Energy Partners LP, which was reeling for eight months under the impact of the parent company's bankruptcy and its own credit default, is headed in the right direction from this week on, CEO Kevin Foxx said Wednesday.
SemGroup foes spar in court
4/8/2009
The SemGroup bidding group led by John Catsimatidis "incredibly and without proper notice" sued CEO Terry Ronan last week even while talking about "their desire to be cooperative," the company says in a court filing.
SemGroup may have buyer for residual fuels
4/4/2009
SemGroup LP may have found a buyer for its SemMaterials residual fuels business — if no higher bidder swoops in at an upcoming auction and a bankruptcy judge approves the deal later this month.
Catsimatidis thinks others hurt SemGroup
3/27/2009
John Catsimatidis said Thursday that he buys into the theory that hedge funds may have used insider knowledge of SemGroup's short position on the direction of future oil prices and made counter moves that helped drive the Tulsa energy company into bankruptcy.
Catsimatidis believes hedge funds helped drive SemGroup into bankruptcy
3/26/2009
He called it a “$500 billion fraud on the world” in both a Forbes article and to the Tulsa World. Attorney John Tucker, representing company co-founder Tom Kivisto, has denied any wrongdoing by his client.
Probe on SemGroup still unfiled
3/25/2009
Former FBI Director Louis Freeh's four-month investigation into the collapse of SemGroup LP was scheduled to be wrapped up by Tuesday, but his U.S. Trustee Examiner's report was not yet filed with a federal bankruptcy court in Delaware.
SGLP files earnings report
3/24/2009
SemGroup Energy Partners LP finally released its second-quarter 2008 earnings report — seven months late — but was able to report a $21.6 million profit from that three-month period before its parent, SemGroup LP, filed for bankruptcy last summer, the company announced Monday.
SemGroup Energy Partners releases financial report
3/23/2009
Complete coverage: Read all the stories and documents related to the SemGroup collapse.
SemGroup asks for 90 days
3/21/2009
SemGroup LP officials want a 90-day extension of their exclusive right to file a reorganization plan for the bankrupt Tulsa-based energy company.
SemGroup will close asphalt unit
3/20/2009
Bankrupt SemGroup LP told employees in a memo Thursday that it's "winding down" SemMaterials and will lay off most of the unit's 550 workers.
SemGroup LP to dissolve SemMaterials unit
3/19/2009
Bankrupt SemGroup LP told employees in a memo Thursday that it’s “winding down” SemMaterials and will lay off most of the unit’s personnel.
SGLP gloomy on its chances
3/19/2009
The latest forbearance agreement keeping creditors from foreclosing on SemGroup Energy Partners LP ended Wednesday and the publicly traded energy company told regulators that it still faces an uncertain road to survival.
'SemGroup, the Movie' is financial thriller
3/15/2009
The drama at SemGroup LP often has rivaled an Oliver Stone movie since the company filed for bankruptcy in July.
NYSE threatens delisting
3/14/2009
A special type of company put together by SemGroup suitor John Catsimatidis for the purpose of merging with or buying an energy firm has failed to meet New York Stock Exchange rules and is threatened with delisting, sources said Friday.
SemGroup to transfer unit
3/13/2009
March could prove decisive for SemGroup LP as it shifts or sells off many of its asphalt assets, fine-tunes a possible reorganization plan and awaits the U.S. Examiner's report on why the Tulsa-based energy company's finances collapsed last summer.
Watch Forbes interview with John Catsimatidis
3/11/2009
Billionaire John Catsimatidis, chairman of the Red Apple Group, which has been involved with the reorganizing of Tulsa's SemGroup, tells Forbes magazine how he made his fortune--and why he is different from Mike Bloomberg.
Memo tells of firm's new plan
3/10/2009
In what may be a sneak preview of its reorganization plan, SemGroup LP CEO Terry Ronan told employees Monday that the Tulsa-based company could emerge from bankruptcy later this year as a publicly traded entity focused on its crude oil storage and distribution unit.
SemGroup CEO gives reorganization details to employees
3/9/2009
Privately held and bankrupt SemGroup LP could emerge from Chapter 11 status as a public company focused on its crude oil business later this year, CEO Terry Ronan told employees in a memo released Monday.
Complete coverage: Read all the stories and documents related to the SemGroup collapse.
Kivisto company sold leases after bankruptcy
3/7/2009
An energy trading company wholly owned by SemGroup LP co-founder and ousted CEO Tom Kivisto sold Kansas oil and gas leases for $6 million about one month after SemGroup filed for bankruptcy, the buyer of those leases confirmed Friday.
Asphalt unit breakup looms
2/27/2009
SemGroup LP may turn over many of its asphalt assets to public subsidiary SemGroup Energy Partners in the coming weeks and liquidate whatever is left, officials said Thursday.
SemGroup finds no SemMaterials buyers
2/26/2009
The Tulsa energy company, which filed for Chapter 11 bankruptcy protection last summer after reporting $2.4 billion in failed oil futures positions, set an auction earlier this week inviting prospective buyers of SemMaterials.
Related story: SemGroup out to sell asphalt subsidiary
SemGroup out to sell asphalt subsidiary
2/24/2009
The fate of SemGroup LP's asphalt unit, SemMaterials, may pass a point of no return this week as the bankrupt Tulsa company considers possible bids for its once-proud subsidiary.
Complete coverage: Read all the stories and documents related to the SemGroup collapse.
Kivisto is sued over use of funds
2/19/2009
SemGroup and its unsecured creditors committee Wednesday sued co-founder and former CEO Tom Kivisto and accused him of using at least $362 million of the now-bankrupt company's money for his own oil trading efforts, to pay himself and a partner bonuses without oversight and to fund some of his personal investments.
Nasdaq will delist SGLP
2/19/2009
SemGroup Energy Partners LP will be delisted from the Nasdaq stock market as of Friday, the company confirmed Wednesday.
SGLP apparently misses another Nasdaq deadline
2/18/2009
Publicly traded SemGroup Energy Partners apparently missed another Nasdaq deadline Tuesday requiring it to file quarterly earnings reports.
SemGroup's unsecured creditors sue Kivisto
2/18/2009
The suit alleges company co-founder and former CEO Tom Kivistoimproperly pay himself and fellow co-founder Gregory Wallace tens of millions in bonuses.
Nasdaq to delist SemGroup Energy Partners
2/18/2009
SemGroup Energy Partners LP will be delisted from the Nasdaq stock market as of Friday.
Power struggle escalates
2/13/2009
The SemGroup LP's executives' lawsuit against would-be bidder John Catsimatidis alleges that the New York billionaire tried to get around bankruptcy court rules by trying to meet secretly with company unit leaders and providing a "hotline" for employees to contact him.
SemGroup execs sue suitor
2/12/2009
Executives of Tulsa-based SemGroup LP sued billionaire John A. Catsimatidis on Wednesday, asking a bankruptcy judge to remove him and his allies from the management committee.
Sem staff bank accounts hit
2/11/2009
Online banking bandits pulled thousands of dollars from the accounts of current and former SemGroup LP employees after personal information was inadvertently left on a bankruptcy court document made public last summer.
SemGroup executives sue Catsimatidis
2/11/2009
Executives of Tulsa-based SemGroup LP sued billionaire John A. Catsimatidis on Wednesday, claiming the potential buyer of the company breached a confidentiality agreement and his fiduciary duty as leader of the management committee.
SemGroup execs propose sale of asphalt unit
2/10/2009
Executives of Tulsa-based SemGroup LP have asked a bankruptcy judge for permission to sell the money-losing SemMaterials division, a move that may set up a confrontation between the company's officers and its governing board.
D'Novo president subpoenaed
2/7/2009
The U.S. examiner investigating bankrupt SemGroup LP's collapse has subpoenaed Anna Hollinger, president of the D'Novo restaurant and catering company in which SemGroup co-founder and ousted CEO Tom Kivisto was an investor, according to court records.
Plan for energy firm is delayed
1/31/2009
New York billionaire John Catsimatidis said Friday he has been forced to delay the SemGroup LP reorganization plan he had hoped to offer this month, complaining that some company managers and Chapter 11 consultants have "blocked him every step of the way."
SemGroup reorganization plan delayed
1/30/2009
New York billionaire John Catsimatidis says his reorganization plan for Tulsa’s bankrupt SemGroup LP will have to wait a few weeks.
Business brawler?
1/25/2009
Whether he's known as a boardroom brawler or maybe the savior of SemGroup LP, John Catsimatidis doesn't mind his reputation as a man of his convictions or contradictions.
Ex-treasurer is subpoenaed
1/24/2009
SemGroup LP's former treasurer Brent Cooper, who worked for the company before its bankruptcy, will talk to former FBI Director Louis Freeh's investigator next month, Cooper's attorney said Friday.
Catsimatidis steps into case
1/23/2009
John Catsimatidis formally injected himself into SemGroup LP's bankruptcy case Thursday, telling a judge in Wilmington, Del., that he is exploring ways to keep the struggling Tulsa energy company together.
SemGroup awaiting plan
1/22/2009
SemGroup LP officials told the Tulsa World Wednesday that would-be bidder John Catsimatidis still has not specified a plan to reorganize the bankrupt Tulsa company, but some selling of assets may be only two months away.
Bonuses may rise for 2 SemGroup LP execs
1/16/2009
A pair of SemGroup LP executives are the only two administrators named to receive bonuses from both the bankrupt Tulsa company and its publicly held and struggling subsidiary, SemGroup Energy Partners LP,
tulsaworld.com first reported Thursday.
SemGroup incentives could be $3.8 million
1/15/2009
Ten SemGroup LP executives could receive incentive pay up to a combined $3.8 million, a Delaware bankruptcy judge ruled Wednesday.
UPDATED: Two SemGroup executives up for bonuses
1/15/2009
Two executives who have been approved for a combined $335,000 in bonus pay from SemGroup Energy Partners could receive another $937,000 under a court-approved insider incentive plan for the bankrupt parent company, SemGroup LP, records show.
SemGroup plan may be ready by Jan. 31
1/10/2009
John Catsimatidis told SemGroup LP creditors Friday that he hopes to have a consensual reorganization plan completed by the end of the month.
Bank attorney jabs at SemGroup 'angel'
1/9/2009
The lead bank in SemGroup LP's bankruptcy case is worried about the exclusivity of a New York billionaire's plans to save the energy company from liquidation and keep jobs in Tulsa, officials said Thursday.
2 SemGroup execs on carpet
1/8/2009
The investor group vowing to save SemGroup LP from liquidation is taking aim at two company executives who took issue with the restructuring plan put forth by the group's leader, John Catsimatidis.
SemGroup execs urge caution
1/7/2009
A group led by New York billionaire John Catsimatidis is suddenly at odds with a couple of SemGroup executives over the possible restructuring of the bankrupt Tulsa energy company.
$1.1 million for SGLP top execs
12/25/2008
Five SemGroup Energy Partners executives will share more than $1.1 million in year-end cash bonuses, even as the publicly traded firm deals with its parent SemGroup LP's bankruptcy, struggles over its own credit default and works to file its first quarterly earnings report in seven months.
Semgroup executives net $1.1M from year-end bonuses
12/24/2008
SemGroup Energy Partners is paying its executives more than $1 million in year-end bonuses.
Complete coverage: Read all the stories and documents related to the SemGroup collapse.
Catsimatidis: 'What I see, I like'
12/23/2008
SemGroup LP may have teetered on the edge of liquidation only weeks ago, but the New York billionaire who plans to hold it together told company employees Monday that he also wants to keep them working and in Tulsa.
SGLP's creditors will wait
12/20/2008
Struggling Tulsa energy company SemGroup Energy Partners LP will get another three-month break from creditors.
Read previous stories and court
filings about SemGroup.
Producer sues oil companies
12/19/2008
Tulsa oil producer Samson Investment Co. has stopped waiting for SemGroup LP to pay up and has gone straight after SemGroup customers and traders.
Read previous stories and court
filings about SemGroup.
Creditors urged to take a chance on turnaround
12/18/2008
Since announcing Monday that he and his company Red Apple Group would take over ailing SemGroup LP, John A. Catsimatidis has been busy trying to convince a long list of creditors to take a risk on his new company.
Catsimatidis to meet with SemGroup management
12/17/2008
The leader of the Red Apple Group is confident SemGroup LP can be profitable once again.
Billionaire has SemGroup plan
12/16/2008
New York City supermarket magnate John Catsimatidis said Monday he intends to develop a reorganization plan for SemGroup LP and wants to save the Tulsa-based company from being dismantled in bankruptcy court.
Read previous stories and court
filings about SemGroup.
SemGroup LP reorganization plan announced
12/15/2008
The plan is to work with creditors so SemGroup can repay its debts while preserving a majority of the 2,000 jobs currently at risk, and for the company's headquarters to remain in Tulsa.
SGLP gets brief break from creditors
12/13/2008
Creditors gave struggling SemGroup Energy Partners almost a weeklong extension on the agreement not to take advantage of the Tulsa energy company's ongoing credit default, according to a federal Securities and Exchange Commission filing Friday.
SemGroup filing disputed
12/11/2008
SemGroup LP's co-founder and ousted CEO, Tom Kivisto, has been in contact with the company's bankruptcy examiner, former FBI Director Louis Freeh, but he hasn't found the right time to sit down for questions during the holiday season, his Tulsa attorney said Wednesday.
SemGroup co-founder ready to talk about SGLP
11/27/2008
SemGroup LP co-founder Kevin Foxx is willing to meet with his former employers to discuss events leading up to its bankruptcy this summer, his attorneys wrote in a court response filed Wednesday.
SemGroup wins OK to auction pipeline
11/26/2008
Tulsa-based SemGroup LP, the bankrupt oil transporter, won court approval to organize an auction for an almost-completed pipeline.
SemGroup probes aligned
11/25/2008
Former FBI Director Louis Freeh's investigation of SemGroup LP will be aligned with other federal probes and should wrap up in four months, according to court proceedings Monday.
Read previous stories and court
filings about SemGroup.
UPDATED: SemGroup examiner to coordinate with federal authorities
11/24/2008
Former FBI Director Louis Freeh’s investigation of SemGroup LP will be coordinated with other federal probes and wrap up in four months, according to court records.
Complete coverage: Read all the stories and documents related to the SemGroup collapse.
SGLP stock slips below $1
11/22/2008
The slow decline of SemGroup Energy Partners LP hit a new low Friday as the Tulsa-based company's stock closed below $1 for the first time in its tumultuous 16-month history.
Nasdaq warns SemGroup again
11/21/2008
Nasdaq officials once again are threatening to delist beleaguered SemGroup Energy Partners LP because the publicly traded offshoot of bankrupt SemGroup LP missed another quarterly report filing deadline, the Tulsa-based company announced Thursday.
UPDATED: Shares of SemGroup partnership under $1
11/21/2008
SemGroup Energy Partners LP, trying to survive beyond the bankruptcy of its parent SemGroup LP, sees its trading units fall below $1 for the first time.
Sem firm fails to file report
11/19/2008
Tulsa-based SemGroup Energy Partners LP has told securities regulators that it was unable to deliver a quarterly earnings report that was due Friday.
Tulsa loses annual LPGA event that was sponsored by SemGroup
11/18/2008
No sponsors could be found during the economic downturn.
Complete Coverage: Read all the stories and documents related to the SemGroup collapse.
UPDATED: SemGroup Energy Partners delays quarterly report
11/18/2008
SemGroup Energy Partners LP tells securities regulators that it was unable to deliver a quarterly earnings report that was due Friday.
Sem entity's stock price under $2
11/15/2008
SemGroup Energy Partners LP may not be in bankruptcy like its parent SemGroup LP, but the publicly traded subsidiary's future seemed even deeper in doubt Friday after its stock closed below $2 for the first time.
Kivisto to fight inquiry
11/11/2008
The attorney for fired SemGroup CEO and co-founder Tom Kivisto said Monday that his client is finally ready to fight back against his former employer.
SemGroup co-founder Kivisto fights back
11/10/2008
Fired SemGroup co-founder Tom Kivisto has asked a Delaware bankruptcy judge to prevent his former employers from questioning him and seeking documents surrounding his role in the company’s financial collapse.
Complete coverage: Read all the stories and documents related to the SemGroup collapse.
SemGroup suppliers backed
11/8/2008
Oklahoma Attorney General Drew Edmondson released an opinion Friday that says oil and gas producers who sold their goods to SemGroup and its subsidiaries on credit are legally due those revenues regardless of the company's bankruptcy status.
$89.8 million payment to SemGroup in works
11/5/2008
SemGroup LP may get some much-needed good news soon by receiving $89.8 million from a brokerage firm for energy-trading transactions that preceded the Tulsa company's bankruptcy.
SemGroup assets face tough sell
11/2/2008
The U.S. financial meltdown
and decline in oil prices
could make it harder for
bankrupt SemGroup LP to get top
dollar for its assets or sell them
promptly, several local executives
believe.
SEC issues subpoena for SemGroup papers
10/30/2008
The Securities and Exchange Commission has informed SemGroup Energy Partners LP that it issued a subpoena seeking documents related to bankrupt parent company SemGroup LP's liquidity crisis.
Firm wants to question Kivisto
10/29/2008
SemGroup LP wants to question its former CEO Tom Kivisto personally and compel him to produce documents about the collapsed company's oil futures trading and his compensation, outside projects and even tax returns, according to a Delaware bankruptcy court filing.
Kivisto fired by his own business
10/28/2008
SemGroup LP co-founder Tom Kivisto has been fired from the company he helped start eight years ago and guided into one of nation's biggest private firms until its bankruptcy amid gigantic oil trading losses.
SemGroup wants to question Kivisto
10/28/2008
SemGroup LP wants a bankruptcy judge to allow it to question former CEO Tom Kivisto and produce documents pertaining to his collapsed company’s oil trading actions, his compensation, other companies, art galleries and even his tax returns
SemGroup fires Kivisto
10/27/2008
An attorney for Tom Kivisto said Monday that the SemGroup LP co-founder was sent a termination letter by the bankrupt energy company last week. Kivisto had been removed as CEO in July and remained on the payroll while on administrative leave since then, according to reports.
Complete Coverage: Read all the stories and documents related to the SemGroup collapse.
Millions paid to SG 'insiders'
10/23/2008
SemGroup LP paid out more than $517 million to its "insiders," mostly executives and investors, in the 12 months before seeking bankruptcy protection this summer, according to a Delaware federal court filing.
Kivisto: Bonus before the fall
10/22/2008
Former SemGroup LP CEO Thomas Kivisto received $42.5 million in salary, bonuses and awards in the year before the energy-trading company's collapse, according to court documents.
Complete coverage: Read all the stories and documents related to the SemGroup collapse.
SemGroup books open
10/21/2008
SemGroup LP and its subsidiaries hold assets worth about $7.7 billion but the bankrupt Tulsa energy company has a total of $9.5 billion in liabilities, according to a massive list of property, inventory and debts filed Monday in Delaware federal court.
Ex-SemGroup CEO still on payroll
10/19/2008
SemGroup LP co-founders Tom Kivisto and Gregory Wallace remain on the payroll despite being removed from day-to-day operations amid internal and external investigations over the bankrupt Tulsa energy company's failed trading practices.
Freeh to investigate firm
10/15/2008
Former FBI Director Louis Freeh, a onetime prosecutor who has tried Mafia figures and judge killers, has been appointed to investigate bankrupt SemGroup LP.
Former FBI director to examine SemGroup
10/14/2008
Former FBI Director Louis Freeh was appointed Thursday to investigate bankrupt SemGroup LP’s failed oil trading strategies, insider transactions, alleged misuse of borrowed funds and other issues.
Complete coverage: Read all the stories and documents related to the SemGroup collapse.
SGLP stock continues to fall
10/9/2008
Shares of SemGroup Energy Partners LP closed at a fifth straight historic low Wednesday, but the publicly traded wing of bankrupt SemGroup LP actually rallied slightly after dropping to less than $3 at one point.
SemGroup Energy Partners hits record low
10/8/2008
Tulsa-based SemGroup Energy Partners, the publicly traded subsidiary trying to survive amid the bankruptcy of parent company SemGroup LP, lost a third of its value Wednesday before recovering slightly.
Complete coverage: Read all the stories and documents related to the SemGroup collapse.
SemGroup judge OKs panel
10/4/2008
Oil and gas producers in Oklahoma and other states captured a surprise victory Friday when a Delaware judge ruled they could form an official committee to represent them in the SemGroup LP bankruptcy case.
Producers to SemGroup: Pay up
10/3/2008
Oklahoma oil and gas producers have united to allege that SemGroup LP must pay them for production picked up and sold in the weeks surrounding the Tulsa company's bankruptcy.
SemGroup Judge approves producers committee
10/3/2008
Judge okays oil and gas producers to form producers committee for SemGroup LP bankruptcy.
Oklahoma producers challenge Semgroup, Bank of America
10/2/2008
A large group of Oklahoma independent oil and gas producers has joined forces to seek millions in payments from bankrupt SemGroup LP for oil sold to the Tulsa company on credit in the weeks before its Chapter 11 filing.
Complete coverage: Read all the stories and documents related to the SemGroup collapse.
Creditors oppose producers
9/25/2008
A committee of large, unsecured creditors in the SemGroup LP bankruptcy is not in favor of Oklahoma oil and gas producers and other suppliers getting similar standing in the case, according to a motion filed Wednesday in U.S. Bankruptcy Court in Wilmington, Del.
Lenders back off on SGLP
9/23/2008
SemGroup Energy Partners LP got a little breathing room as lenders opted not to take advantage of the company's credit default until at least December, according to a federal filing released Monday.
SemGroup gets break from credit default until December
9/22/2008
SemGroup Energy Partners LP got a reprieve from creditors, as lenders revised certain loan terms and opted not to take advantage of the Tulsa energy company’s credit default at least until Dec. 11, according to a federal filing released Monday.
Producers for Sem must file by state
9/19/2008
SemGroup LP has won court approval for rules limiting how many lawsuits that small oil producers in and around Texas can file against the oil transporter to collect about $393 million they are owed.
SemGroup gets more funds
9/18/2008
SemGroup LP can receive the final $25 million of its $175 million in emergency financing to help the bankrupt Tulsa energy company stay in business while it sells off assets to pay creditors, a Delaware judge ruled Wednesday evening.
Sem oil suppliers win ruling
9/17/2008
Some Oklahoma producers who sold oil and other products to SemGroup LP are one step closer to possibly getting paid by the bankrupt Tulsa energy trader and transporter, officials said Tuesday.
SemGroup workers gain incentive pay
9/17/2008
U.S. Bankruptcy Judge Brendan L. Shannon approves part of a $15.9 million incentive plan to keep certain SemGroup employees working for the company.
Bankruptcy judge OKs 120-day probe for SemGroup examiner
9/11/2008
A Department of Justice examiner can take about four months to look into SemGroup LP's oil trading strategy, insider transactions, alleged misuse of borrowed funds and whether any executives, managers or employees defrauded or mismanaged the bankrupt energy company's affairs, a judge ruled Wednesday.
Judge approves agreement
9/10/2008
A judge signed off Tuesday on bankrupt SemGroup LP's agreement to keep doing business with its public subsidiary, SemGroup Energy Partners, but one Tulsa money manager wondered if the three-month deal was enough to help the public company survive in the long run.
Judge signs off on SemGroup-SGLP Deal
9/9/2008
A settlement between SemGroup and Sem Group Energy Partners is approved.
Bank seeks review of trades by SemGroup
9/6/2008
The agent bank among SemGroup's creditors sided Friday with the U.S. Trustee in calling for a bankruptcy judge to appoint an examiner who will investigate oil futures trading by the collapsed Tulsa energy company.
Oil group seeks to intervene in SemGroup case
9/5/2008
Oklahoma Attorney General Drew Edmondson and a group of state oil producers are looking for ways to intervene in SemGroup LP's bankruptcy case in Wilmington, Del., officials said Thursday.
Barclays benefits from SemGroup fall
9/5/2008
Barclays PLC, the third-largest bank in Great Britain, may have profited from the bankruptcy of Tulsa-based SemGroup LP, according to SemGroup creditors.
SemGroup companies settle feud
9/3/2008
SemGroup Energy Partners and its bankrupt parent company, SemGroup LP, reached a settlement Tuesday on oil and asphalt payments, utility costs and other issues pitting the collapsed energy firm against its onetime subsidiary.
Others fulfill SemGroup charity pledges
9/3/2008
Williams Foundation and Tulsa Community Foundation officials alleviated funding concerns at KIPP Tulsa College Preparatory school Tuesday when they presented school administrators with funds for school supplies.
Charitable losses replaced
9/2/2008
Charitable programs promised money from SemGroup are receiving those amounts through donations raised at the Tulsa Community Foundation and from a significant Williams gift.
Tulsa weathered other failures
8/30/2008
Tulsa's history is peppered with the demise of large and influential companies. The latest, of course, is SemGroup LP, which filed for bankruptcy protection July 22.
SemGroup branch wants debt paid
8/30/2008
The once tight relationship between SemGroup LP and its public subsidiary, SemGroup Energy Partners, has suddenly unwound into a legal battle of words over missed payments by the bankrupt parent company and counterclaims that the public firm's allegations are not justified.
Dell ups stake in SemGroup
8/29/2008
Computer magnate Michael Dell's venture capital fund has increased its stake in troubled SemGroup Energy Partners LP, according to filings with securities regulators.
SemGroup unit stays on Nasdaq for now
8/28/2008
SemGroup Energy Partners will not lose its listed place on the Nasdaq Stock Market, a company spokesman said Wednesday.
SemGroup shareholder requests subpoena
8/27/2008
A shareholder who sued SemGroup Energy Partners last month is now asking that a Tulsa federal judge subpoena George Kaiser, BOK Financial Corp. and others to preserve any documents they may have related to dealings with bankrupt parent company SemGroup LP.
Sem documents sought
8/26/2008
A committee of SemGroup LP's unsecured creditors wants to see documents that could shed light on the company's failed oil trading strategies and possibly talk to lenders, company officials and auditors who were connected to the bankrupt energy firm while the losses were mounting.
SemGroup LP's unsecured creditors seek documents
8/25/2008
Unsecured creditors of bankrupt SemGroup LP have asked a judge for documents concerning the Tulsa-based company's energy trading and cash transfers.
Cash-flow rise predicted in SemGroup LP budget
8/23/2008
SemGroup LP's net cash flow will increase from $101 million in the hole this week to $7.9 million in the black by the end of November, according to the first monthly operating budget report filed in the Tulsa company's Chapter 11 bankruptcy case.
SemGroup plan leaves out many producers
8/22/2008
Hundreds of producers who sold crude oil to SemGroup LP in the month before the Tulsa company's bankruptcy will not be paid for those transactions anytime soon.
Oil storage customers signed
8/21/2008
SemGroup Energy Partners LP has found some new customers for its crude oil storage services, but the public subsidiary of bankrupt SemGroup LP is still struggling with a credit default, possible de-listing from the Nasdaq and parent company's financial woes, senior managers said in a conference call Wednesday.
SGLP to break four-week silence
8/20/2008
SemGroup Energy Partners, which has spoken only through court documents and federal filings about its financial troubles recently, will talk directly to the public Wednesday for the first time in four weeks.
Judge approves 2-week severance pay for ex-SemGroup workers
8/19/2008
Former SemGroup LP employees finally got some good news Monday when a Delaware bankruptcy judge approved their two-week severance packages and job placement services, one week after the Tulsa-based energy company laid off 230 people nationwide.
Judge approves SemGroup severances
8/18/2008
Delaware bankruptcy Judge Brendan L. Shannon approved about $1.1 million in severance packages Monday for 230 SemGroup LP workers who were laid off a week ago. The packages average out to two weeks pay, SemGroup spokesman Lance Ignon said.
Complete coverage: Read previous SemGroup stories and court filings.
Peeling the layers of SemGroup
8/17/2008
Like an onion, SemGroup LP's bankruptcy case seems to have many layers that remain hidden.
SemGroup predicts perilous path
8/16/2008
Publicly traded SemGroup Energy Partners LP has worked hard in the past month to distance itself from its bankrupt parent, SemGroup LP, but officials of the Nasdaq-listed company admitted Friday that the road ahead is dangerous and possibly fatal.
SemGroup consultants not cheap
8/15/2008
On the same day that he will decide whether SemGroup's laid-off employees can receive two weeks' severance packages, a Delaware bankruptcy judge Monday could approve the company's hiring of temporary restructuring experts paid between $245 and $795 per hour and eligible for $7.5 million in bonuses, according to records.
Examiner being sought
8/13/2008
The U.S. trustee overseeing SemGroup LP's bankruptcy case in Delaware asked the federal judge Tuesday to appoint an examiner who will investigate the company's failed oil-hedging practices and question several "insider" financial moves that might have funded those trades.
Good local economy may cushion layoffs
8/13/2008
Tulsa's economy continues to fare well despite a national malaise, and that could bode well for laid-off SemGroup employees.
Job cuts begin at SemGroup
8/12/2008
SemGroup LP laid off 110 Tulsa employees and 250 nationwide Monday, effective immediately, as the bankrupt Tulsa energy company readied itself to sell its assets to pay off billions in debt.
SemGroup puts BOK in red
8/12/2008
Tulsa-based BOK Financial Corp. has revised its second-quarter earnings report from a $43.7 million profit to a $1.2 million loss, citing its credit exposure to bankrupt local energy firm SemGroup LP.
SemGroup fall snags road work
8/12/2008
The demise of SemGroup LP made a bad situation worse for city and county officials who depended on the Tulsa-based company for road materials.
SemGroup layoffs begin
8/11/2008
SemGroup LP began laying off employees at its Tulsa campus and nationwide Monday morning. The bankrupt energy company let go of 250 workers across the country, 110 of those in Tulsa, spokeswoman Brenda Adrian said.
Complete coverage: Read all the stories and documents related to the SemGroup collapse.
Local organizations miss SemGroup charity
8/10/2008
After SemGroup's implosion last month, many organizations that benefited from the company's philanthropy are asking themselves: What now?
Answers elusive on SemGroup
8/10/2008
Despite reams of court documents, a few press releases and one conference call since SemGroup LP disclosed July 17 it was having debt problems, not much in the way of details has emerged.
Asset sales in the pipeline
8/9/2008
Tulsa-based SemGroup LP, in Chapter 11 bankruptcy since July 22, is getting closer to selling its assets to pay its debts.
SemGroup Energy shares jump
8/9/2008
SemGroup Energy Partners continued its comeback from the bankruptcy of parent SemGroup LP with another sizable jump on the stock market Friday. Shares of the Tulsa-based oil and asphalt storage and transport company closed at $10.91 per unit on the Nasdaq Stock Market, up 11 percent from its Thursday close at $9.83.
Small producers worried
8/8/2008
The general public may think of the energy industry as full of giants like ConocoPhillips, Sunoco Inc. and now fallen SemGroup LP, but it's also made up of thousands of smaller producers. Some of them operate on tiny margins, even paycheck to paycheck.
Firm eyes takeover of lawsuits on SGLP
8/7/2008
An Oklahoma law firm hopes to have a handful of potential class-action complaints against SemGroup Energy Partners LP consolidated into one lawsuit that would be tried in the state.
$150 million for SemGroup OK'd
8/6/2008
SemGroup LP got a new, if temporary, lease on life Tuesday when a Wilmington, Del., bankruptcy judge approved part of the fallen Tulsa energy company's request for a $250 million loan to keep it in business while it plans an asset sell-off.
SemGroup gets interim approval for $150 million loan
8/5/2008
A Delaware bankruptcy judge gave SemGroup LP temporary approval Tuesday afternoon to borrow up to $150 million in emergency financing that will allow it to stay in business for at least a few months longer.
Read previous
stories and
court filings
about
SemGroup.
Future of SemGroup may be up to judge
8/5/2008
SemGroup LP's short-term fate could be known as early as Tuesday.
SemGroup Energy Partners protests funding plan
8/4/2008
One of many companies which have objected to SemGroup LP’s plan to receive a emergency $250 million DIP, or “debtor in possession,” loan turns out to be ... SemGroup itself.
Complete Coverage: Read previous stories and court filings about SemGroup.
SemGroup shock wave
8/3/2008
Tom Kivisto was the wonder boy. He knew how to talk to everyone, from oil well operators to the richest men in the world.
Read previous stories and court filings about SemGroup.
'But I wouldn't bet against him'
8/3/2008
Tom Kivisto grew up under the wing of a passionate basketball coach father to become a University of Kansas hoops star and the public face of a multibillion-dollar Tulsa energy company.
SemGroup, oil drop linked?
8/3/2008
Was the collapse of Tulsa's SemGroup LP a key factor in oil prices dropping substantially from $145 a barrel last month?
SemGroup possible drag on IBC Bank
8/2/2008
A possible connection with SemGroup LP may have contributed to lower second-quarter earnings at International Bancshares Corp.
BOK put SemGroup money in Caymans
8/2/2008
In addition to losing about $87 million because of failed hedging activities by SemGroup LP last year, Bank of Oklahoma also has kept a "sweep account" that took the now-bankrupt Tulsa company's excess funds and deposited the money into a high-interest account in the Cayman Islands, records show.
SemGroup pins hopes on finance proposal
7/31/2008
SemGroup LP can survive past mid-August only if it gets court approval Thursday on a proposed $250 million emergency loan package led by Bank of America, attorneys for the bankrupt Tulsa energy firm said in Delaware court filings.
Sem Partners stock stabilizes
7/30/2008
SemGroup Energy Partners LP is on the rebound — for now.
More creditors come after firm
7/29/2008
SemGroup LP started its second week in Chapter 11 bankruptcy Monday with a mixed bag of relentlessly bad and relatively good news.
Kivisto breaks his silence
7/27/2008
Embattled SemGroup LP co-founder Tom Kivisto attempted to reassure employees and the city in general during a Saturday afternoon news conference, saying that "Tulsa has always rebounded well when bad things happen to one of its corporate citizens."
Practice of hedging can both help, hurt companies
7/27/2008
Hedging has gotten a bad reputation lately.
The mix of businesses on the list of creditors is varied and somewhat bizarre
7/26/2008
The list of creditors in SemGroup's bankruptcy filing ranges from energy giants like ConocoPhillips and ExxonMobil to more surprising operations such as a Calgary pawn shop and the Poodle Club of Tulsa.
Bank of America sues Kivisto
7/26/2008
Tom Kivisto was not to be seen or heard from Friday, but the SemGroup LP co-founder was not far from the minds of creditors and others watching the Tulsa energy company's fall into bankruptcy and possible dissolution.
Bank of America sues Tom Kivisto for $12.8 million
7/25/2008
The former SemGroup LP founder and CEO guaranteed the $15 million loan himself and through the Thomas L. Kivisto Trust’s limited partnership interest in SemGroup, the complaint reads.
Complete Coverage: Read all of the previous stories, view court filings and see a list of creditors connected to SemGroup.
SEC investigating SemGroup
7/25/2008
SemGroup LP's stunning and quick fall from corporate grace is already the center of investigations by the Securities and Exchange Commission and the U.S. Attorney's Office in Oklahoma City, reports showed Thursday.
BOK says SemGroup link adds $71 million to its loss
7/25/2008
As a result of its credit exposure to
SemGroup LP, BOK Financial Corp.
expects to recognize an additional
loss of $71 million for the second
quarter on top of the $16 million
loss it reported last week, according
to a filing Thursday with the Securities
and Exchange Commission.
See a list of SemGroup LP's creditors, including those based in Oklahoma
7/25/2008
The comprehensive list of SemGroup LP's creditors - filed earlier this week in the company's bankruptcy case in Delaware - is 904 pages long, according to a copy found by the Tulsa World.
SemGroup gets OK to spend
7/24/2008
SemGroup LP can spend millions in available cash to pay employees and suppliers, a Delaware bankruptcy judge ruled Wednesday as the collapsed Tulsa energy company readied plans to sell off all of its assets and lay off hundreds of workers.
Oil falls; SemGroup shock likely a factor
7/24/2008
Oil prices shed nearly $4 Wednesday, tumbling below $125 a barrel for the first time since early June as economic worries and concern about problems at Tulsa-based SemGroup LP rattled traders.
Bankruptcy judge approves SemGroup motions to pay employees, suppliers
7/23/2008
A Delaware federal bankruptcy judge granted SemGroup LP's requests to free up cash for paying employees and suppliers and continuing business.
Documents: View a PDF of the SemGroup bankruptcy filing.
View a PDF of the motion for continuation of SemGroup employee wages and benefits.
SemGroup files for bankruptcy
7/23/2008
After a tumultuous ascent from Tulsa startup to fast-growing energy giant, SemGroup LP came in for a crash landing Tuesday, as the company filed for Chapter 11 bankruptcy protection in Delaware.
UPDATED: Oil price falls: SemGroup may be a factor
7/23/2008
Oil prices shed nearly $4 Wednesday, tumbling below $125 a barrel for the first time since early June on growing fears that high prices and the weak economy are destroying demand.
SemGroup companies file for bankruptcy
7/22/2008
SemCrude and other subsidiaries of debt-ridden SemGroup LP filed for reorganization under Chapter 11 bankruptcy rules in Delaware federal court Tuesday morning, records show.
Documents: View a PDF of the SemGroup bankruptcy filing.
View a PDF of the motion for continuation of SemGroup employee wages and benefits.
Creditors take over company
7/22/2008
Two hedge funds with a considerable stake in SemGroup Energy Partners LP gained control of the financially reeling Tulsa company, even as its stock posted its first gain in nearly two weeks Monday.
Creditors take over SemGroup Energy Partners
7/21/2008
Manchester Securities and Alerian Capital Management assumed control of financially strapped SemGroup Energy Partners LP.
Specifics murky on SemGroup tumble
7/20/2008
SemGroup LP, which announced Thursday it is considering bankruptcy, grew at a stunning pace since its inception in 2000.
SemGroup, on brink, replaces CEO
7/19/2008
SemGroup LP leaders spent Friday trying to figure their next move as the prominent Tulsa-based oil and asphalt storage and transportation company replaced its founder and CEO and teetered on the brink of bankruptcy.
SemGroup, Kivistos well-known donors to the Tulsa community
7/19/2008
SemGroup LP and its former CEO Tom Kivisto are well known in Tulsa's philanthropic community as charitable donors for myriad organizations.
New president, CEO to take over SemGroup amid debt problems
7/18/2008
The parent company of Tulsa-based SemGroup Energy Partners LP announced Friday it is getting a new president and CEO after revealing it is considering filing for bankruptcy.
From Wayne Greene's Blog: "Imagine the same thing happening to the entire U.S. economy that happened to SemGroup on Thursday. It could happen. It will happen eventually if we don't do something fast."
SemGroup weighs bankruptcy
7/18/2008
Tulsa-based SemGroup Energy Partners LP's stock price fell more than 50 percent Thursday before its parent company disclosed late in the day that it was considering filing for bankruptcy.
SemGroup stock falls; parent considers bankruptcy
7/17/2008
SemGroup Energy Partners LP’s stock lost half of its value Thursday, as its parent company said it was experiencing liquidity problems and was exploring various alternatives including a Chapter 11 bankruptcy reorganization.
