Local & Regional
5:02 pm
Fri June 26, 2009

UPDATE: SemGroup

Tulsa, OK – Rival SemGroup factions meet in Delaware

TULSA, Okla. (AP) Rival groups seeking control of SemGroup LP have met to discuss possible reorganization plans for the bankrupt energy company.

According to reports, New York billionaire John Catsimatidis and SemGroup CEO Terry Ronan, who are vying in court over control of the company, met in Wilmington, Del., on Thursday along with other company officials, attorneys, bankers and unsecured creditors.

The meeting was the first since Ronan and Catsimatidis filed lawsuits against each other earlier this year.

Since taking control of SemGroup's management committee late last year, Catsimatidis has promised he would produce a plan for the company to emerge out of bankruptcy.

He told the Tulsa World in an e-mail that he is optimistic about the meetings and that the groups might meet again Friday.

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Information from: Tulsa World, http://www.tulsaworld.com

Copyright 2009 The Associated Press.