Noble Group in Bid to Purchase SemFuel
August 13, 2009
Cleary Gottlieb is representing Noble Group Ltd. in connection with its successful bid to purchase substantially all of the assets of SemFuel, L.P., a fuel terminalling and storage business that is a subsidiary of SemGroup, L.P., a Chapter 11 debtor.
SemFuel’s assets are being sold pursuant to Section 363 of the U.S. Bankruptcy Code, free and clear of all liens. The purchased assets include fuel storage and terminalling operations in Iowa, Michigan, Oklahoma, Texas and Wisconsin. The assets were divided into five groups for purposes of the bankruptcy auction, and Noble was the winner of all five, besting stalking horse bidders for three asset groups and other auction participants. On August 13, the U.S. Bankruptcy Court for the District of Delaware approved the sale to Noble.
Noble is a market leader in managing the global supply chain of agricultural, industrial and energy products with over $36 billion in annual revenues.