SemGroup cash collateral objections overruled; White Cliffs Pipeline project cash collateral use approved

By Caroline Salls

Pittsburgh, July 31 - SemGroup LP said two outstanding objections to the company's use of cash collateral have been overruled by the U.S. Bankruptcy Court for the District of Delaware, and judge Brendan Shannon has approved the use of cash collateral for the ongoing operations of the company's White Cliffs Pipeline project, according to a company news release.

When completed, SemGroup said the White Cliffs Pipeline will have the capacity to carry 50,000 barrels of crude oil per day between Plattville, Colo., and Cushing, Okla.

The hearing on interim approval of the company's debtor-in-possession financing has been continued to Aug. 5 to allow interested parties to present further legal documentation, the release said.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.