NEW YORK, Aug 17 - SemGroup Energy Partners LP (SGLP.PK), a midstream oil and asphalt company, seeks to bring its SEC filings up to date and relist its shares on Nasdaq by fall, a person familiar with the company's plans told Reuters Monday.
Tulsa-based SemGroup Energy, among the largest players in U.S. crude oil and asphalt logistics, said in a filing last week there was "substantial doubt as to its ability to continue as a going concern."
But the person said that SemGroup Energy had no plans to sell assets and recently was able to extend the maturity of its debt -- around $420 million -- through June 2011.
SemGroup Energy seeks to provide the Securities and Exchange Commission with a second-quarter filing within weeks, the person said.
SemGroup Energy is struggling to emerge as a successful independent company since its main commercial partner and parent company, privately held SemGroup LP, filed for Chapter 11 protection last July.
SemGroup Energy's shares were delisted from Nasdaq in February, and are currently traded over the counter.
In April SemGroup Energy Partners and SemGroup LP agreed to disentangle their asphalt assets and settle pending contracts, allowing SemGroup Energy to gain new customers that now account for most of its business, the source said.
SemGroup Energy holds 6.8 million barrels of crude oil storage capacity at the commercial storage hub of Cushing, Oklahoma, 46 asphalt terminals, and pipeline and trucking businesses.
SemGroup Energy said earlier it has not paid any distributions to its unit holders since the first quarter of 2008. The company is required to reduce its debt load before being allowed to resume distributions, the source said.
Tulsa-based SemGroup Energy, among the largest players in U.S. crude oil and asphalt logistics, said in a filing last week there was "substantial doubt as to its ability to continue as a going concern."
But the person said that SemGroup Energy had no plans to sell assets and recently was able to extend the maturity of its debt -- around $420 million -- through June 2011.
SemGroup Energy seeks to provide the Securities and Exchange Commission with a second-quarter filing within weeks, the person said.
SemGroup Energy is struggling to emerge as a successful independent company since its main commercial partner and parent company, privately held SemGroup LP, filed for Chapter 11 protection last July.
SemGroup Energy's shares were delisted from Nasdaq in February, and are currently traded over the counter.
In April SemGroup Energy Partners and SemGroup LP agreed to disentangle their asphalt assets and settle pending contracts, allowing SemGroup Energy to gain new customers that now account for most of its business, the source said.
SemGroup Energy holds 6.8 million barrels of crude oil storage capacity at the commercial storage hub of Cushing, Oklahoma, 46 asphalt terminals, and pipeline and trucking businesses.
SemGroup Energy said earlier it has not paid any distributions to its unit holders since the first quarter of 2008. The company is required to reduce its debt load before being allowed to resume distributions, the source said.
