Finally MVO will be paid for the loss money for 2008 and will pay a extra dividend around 9.5 million which is owed to current share holders of MVO stock ex dividend date not determine as yet. Oil and gas producers claimed they were owed more than $400 million by SemGroup for transactions around the time of the July 2008 bankruptcy petition, according to reports.

"The debtor is now poised to emerge in November 2009 as an independent company with new management and a new board of directors," says the motion filed Tuesday evening in U.S. Bankruptcy Court in Wilmington, Del.

"All that remains now is solicitation and court approval of an amended Chapter 11 plan that embodies the global settlement achieved by the parties," the motion adds.

SemGroup also is requesting that U.S. Bankruptcy Judge Brendan L. Shannon release $122 million held in escrow so the money can be distributed to creditors.

The reorganization plan calls for SemGroup to emerge as a publicly traded company offering $2.26 billion in cash and equity to its creditors