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SemGroup LP Files For Chapter 11 July 22, 2008

SemGroup LP and some of its subsidiaries filed for reorganization under Chapter 11 bankruptcy protection Tuesday morning. SemGroup Energy Partners, the public company, did not file for Chapter 11. SemGroup Energy Partner’s revolver and term loan were both trading at 81-85 midday Tuesday. SemCrude’s revolver was trading at 61-65; its working capital facility was at 53-58. The SemCrude pipeline term loan and revolver were at 70-75. The company’s bonds had been 22-25 yesterday before the filing and were down to 14-17 during SemGroup Energy Partners’ 11 a.m. conference call. It opened the morning at 17-19. “People were expecting this,” said one portfolio manager. A SemGroup company spokesman did not immediately return a call.

On July 18, Manchester ...

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