NEW YORK (Reuters) -
SemGroup LP, an Oklahoma-based oil
trading services company, on Wednesday said it received
approval from the Bankruptcy Court for its initial motions
related to its bankruptcy.

It has received permission from the court and its lenders
to use cash generated through its business operations to meet
its obligations connected to trade payables, and wages and
benefits.

SemGroup, the 12th-biggest privately-held U.S. company,
also is negotiating with its lenders to secure
debtor-in-possession financing, a facility it expects to get
within a week following its bankruptcy filing which took place
on Tuesday.

(Reporting by Phil Wahba; editing by Carol Bishopric)

Source

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