SemGroup Signs Up For Bankruptcy

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At least four subsidiaries of SemGroup filed for Chapter 11 bankruptcy today, after determining that seeking government protection from creditors would be the "the best way to maximize value," unlike the oil trades that resulted in $3.2 billion in losses. SemGroup Energy began hinting that something was up last week, when it said that the parent company was experiencing liquidity "issues," those being that they were drier than Bear Stearns (was rumored to have been). In more uplifting news, we've got Fox Business's "Happy Hour" on and it seems that Cody, currently interviewing Miss Universe 2008 about being kidnapped, has made a speedy recovery from his bout with bell's palsy.
Press Release [SemGroup]
Huge oil trading loss sinks energy trader SemGroup [Reuters]

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