NEW YORK, Aug 11 - SemGroup Energy Partners LP (SGLP.PK), an oil pipeline and storage company, said on Tuesday that uncertainties around its credit facilities have raised doubts it could continue operating.
In a filing with the U.S. Securities and Exchange Commission notifying investors its quarterly report would be delayed, the company said the Chapter 11 bankruptcy filing of SemGroup LP last year had put it in jeopardy.
SemGroup LP agreed to split from the SemGroup Energy Partners LP, a master limited partnership, but the partnership "faces substantial doubt as to its ability to continue as a going concern," it said in the filing.
Master limited partnership are popular structures for midstream energy companies, such as pipeline and storage owners, since those assets produce steady cash flows that are distributed to unit owners under more advantageous tax structures than corporations pay.
SemGroup Energy Partners said it has not paid any distributions to its unit holders since the first quarter of 2008.
In a filing with the U.S. Securities and Exchange Commission notifying investors its quarterly report would be delayed, the company said the Chapter 11 bankruptcy filing of SemGroup LP last year had put it in jeopardy.
SemGroup LP agreed to split from the SemGroup Energy Partners LP, a master limited partnership, but the partnership "faces substantial doubt as to its ability to continue as a going concern," it said in the filing.
Master limited partnership are popular structures for midstream energy companies, such as pipeline and storage owners, since those assets produce steady cash flows that are distributed to unit owners under more advantageous tax structures than corporations pay.
SemGroup Energy Partners said it has not paid any distributions to its unit holders since the first quarter of 2008.
