Bankruptcy Court Confirms Foresight Energy’s Plan of Reorganization
[Click image to enlarge]
Foresight Energy said that the United States Bankruptcy Court for the Eastern District of Missouri has issued an order confirming Foresight’s chapter 11 plan of reorganization.
The plan provides for the reduction of over $1 billion of Foresight’s existing indebtedness and the elimination of approximately $94 million of Foresight’s anticipated annual cash interest payments, plus additional reductions in annual cash flow expenses through modified contractual terms with key logistics, mineral interest, and vendor counterparties. Holders of Foresight’s limited partnership units will not receive any recovery under the plan. Additionally Foresight will emerge from chapter 11 with only $225 million in secured exit facility loans, $75 million of which will convert to equity 60 days following the closing of the exit facility, and will have approximately $60 million in cash liquidity.
“We are thankful to our many stakeholders, including our creditors, employees, customers, vendors, trade creditors, and key contract counterparties, for their continued support. With their cooperation, we have been able to achieve confirmation within four months of entering chapter 11. I count this as a tremendous accomplishment,” said Robert D. Moore, chief executive officer.
“We are working expeditiously to timely implement the Plan, and we look forward to emerging from the chapter 11 process in the coming weeks,” added Moore.
Court filings and other information related to the court-supervised proceeding can be found HERE
About Foresight
Foresight is a leading producer and marketer of thermal coal controlling nearly 2.1 billion tons of coal reserves in the Illinois Basin. Foresight operates three longwall mining complexes with four longwall mining systems and the Sitran river terminal on the Ohio River. With the resumption of longwall mining at Hillsboro, Foresight has idled continuous miner production at its Macoupin complex. Foresight’s operations are strategically located near multiple rail and river transportation access points, providing transportation cost certainty and flexibility to direct shipments to the domestic and international markets. Foresight is headquartered in St. Louis, Missouri.
To stop by Foresight’s website, CLICK HERE
Be in-the-know when you’re on-the-go!
FREE eNews delivery service to your email twice-weekly. With a focus on lead-driven news, our news service will help you develop new business contacts on an on-going basis.
CLICK HERE to register your email address.
Copyright © 2020 Mining Connection LLC. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
For licensing permission, .(JavaScript must be enabled to view this email address)
