SemGroup in plan of reorganization talks with United Refining

By Caroline Salls

Pittsburgh, Dec. 24 - United Refining Energy Corp. chief executive officer John Catsimatidis said due diligence and creditor discussions are ongoing regarding the intent to develop a reorganization plan for SemGroup, LP, according to a United Refining news release.

Catsimatidis' representatives now control a majority of the seats on SemGroup, LP general partner SemGroup LP LLC's management committee, the release said.

According to the release, there is no acquisition transaction to be considered at the time, but that if a plan of reorganization is developed, Catsimatidis said he will present the investment opportunity to United Refining's board of directors.

United Refining is a blank check company organized for the purpose of effecting a merger, capital stock exchange, asset acquisition, exchangeable share transaction, joint venture or other similar business combination with one or more operating businesses.

The company said it is focusing on identifying a prospective target business in the energy industry.

SemGroup, a Tulsa, Okla., privately held limited partnership that provides midstream services to North America's energy industry, filed for bankruptcy on July 22 in the U.S. Bankruptcy Court for the District of Delaware. Its Chapter 11 case number is 08-11525.

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