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I was out of posts. The mere facts; also CEOs statement are in article below.
(IMO not likely that the assets will "melt away", even if they would ANR will run slimmed down and it is not likely that shares will be canceled....Targeted Ch11 Exit Date is June 30th 2016...thus, the pps upward move and increased volume not just due to flippers...I think today the 1s again but on the long run toward june a dime and after that higher)
Amid bankruptcy, Alpha Natural Resources looks to reorganize
http://www.bdtonline.com/news/amid-bankruptcy...ae98e.html
Staff Reports March 9th 2016
A company that owns assests in West Virginia and Virginia has filed a Chapter 11 Plan of Reorganization.
Alpha Natural Resources, Inc. filed the plan with the United States Bankruptcy Court for the Eastern District of Virginia, according to a press release from the company.
Together with the recently-filed motion seeking approval of a marketing process for Alpha’s core operating assets, these filings provide for the sale of Alpha’s assets, detail a path toward the resolution of all creditor claims, and anticipate the emergence of a streamlined and sustainable reorganized company able to satisfy its environmental obligations on an ongoing basis.
By selling certain assets and restructuring the company’s remaining assets into a reorganized Alpha, the company is able to provide maximum recovery to its creditors, while preserving jobs and putting itself in the best position to meet its reclamation obligations. This path will allow for a conclusion of Alpha’s bankruptcy proceedings by June 30, 2016.
Alpha filed a motion in February with the Bankruptcy Court requesting approval of procedures to govern a marketing and sale process for Alpha’s core assets.
The procedures are designed to implement a fair and competitive process that will allow all interested parties to bid for Alpha’s assets and enable the company to realize the greatest possible value for the benefit of its stakeholders.
Assets to be sold include the company’s Alpha Coal West mine complexes in Wyoming County and the company’s McClure, Nicholas and Toms Creek mine complexes in West Virginia and Virginia.
Other assest in Pennsylvania and in Newport News are also part of the plan.
The process includes what is called a “stalking horse” credit bid of existing secured debt submitted by the company’s first lien lenders.
As a stalking horse bid, it is subject to higher or better offers, but provides Alpha with a backstop bid for its core assets in the amount of $500 million (plus the lenders’ assumption of certain liabilities).
Unless a higher offer is received prior to the bid deadline, Alpha plans to sell its core businesses and related assets to the company’s first lien lenders pursuant to the terms of the stalking horse bid.
This and all asset sales are subject to Bankruptcy Court approval.
Through the plan of reorganization, all remaining unsold assets will become part of reorganized Alpha, a smaller, sustainable company, structured to focus primarily on fulfilling all of the company’s environmental reclamation obligations on an ongoing basis.
It is expected that certain of Alpha’s remaining mines will continue operating, adjusting to market conditions and allowing for a phased approach to this work.
Alpha is working toward resolutions with governmental entities regarding the scope and necessary funding of the company’s reclamation obligations.
“Since we began the bankruptcy process last August, we have taken numerous steps to enhance efficiency throughout our business and make tough but necessary decisions regarding the future of our operations,” said Alpha’s Chairman and CEO Kevin Crutchfield. “By leveraging core assets for sustainable productivity, while addressing the stewardship obligations of our remaining properties, these filings represent an important step in our effort to effectively restructure the company and emerge from Chapter 11 better positioned to meet new market realities.”
Crutchfield said that while markets continue to be challenged in the near term, “we firmly believe that coal’s role as a vital fuel source for electricity generation and steel production is secure for the foreseeable future, both here and around the world. We appreciate the support of our lenders to help advance our restructuring process.”
A hearing to consider approval of the proposed bidding and sale procedures is scheduled before the Bankruptcy Court Thursday.
Alpha Natural Resources is one of the largest and most regionally diversified coal suppliers in the United States.
With affiliate mining operations in Virginia, West Virginia, Kentucky, Pennsylvania and Wyoming, Alpha supplies metallurgical coal to the steel industry and thermal coal to generate power to customers on five continents.
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Alpha was formed in 2002 by members of management and by affiliates of First Reserve Corporation, a private equity firm.
We acquired the majority of the Virginia coal operations of Pittston Coal Company, a subsidiary of The Brink's Company, in December 2002.
On January 31, 2003, we acquired Coastal Coal Company, and on March 11, 2003, we acquired the U.S. coal production and marketing operations of American Metals and Coal International. In November of that year, we acquired Mears Enterprises, Inc. and affiliated entities.
In April of the following year, we acquired substantially all of the assets of Moravian Run Reclamation Co., Inc., including four active surface mines and two additional surface mines under development, operating in close proximity to and serving many of the same customers as our AMFIRE business unit located in Pennsylvania. That May, we acquired a coal preparation plant and railroad loading facility located in Portage, Pennsylvania and related equipment and coal inventory from Cooney Bros. Coal Company and an adjacent coal refuse disposal site from a Cooney family trust.
n October 2005 Alpha acquired the Nicewonder Coal Group including their three surface mines and a road construction and coal recovery business in southwestern Virginia and southern West Virginia.
In May 2006, Alpha completed the acquisition of certain coal mining operations in eastern Kentucky from Progress Fuels Corp. Collectively the acquired businesses control 73 million tons of coal reserves. In December of that year, an Alpha subsidiary, Palladian Lime LLC, acquired a 94% ownership interest in Gallatin Materials LLC, a start-up lime manufacturing business in Verona, Ky. That interest was subsequently sold in October 2008.
In June 2008, Alpha acquired the Mingo Logan-Ben Creek coal mining assets in West Virginia from Arch Coal Inc. Mingo Logan consists of coal reserves, one deep mine and a load-out and coal processing plant.
In July 2009, Alpha consummated its largest business venture ever by completing a merger with Foundation Coal Holdings Inc. The Alpha-Foundation merger resulted in the third-largest coal company in America.
In June 2011, Alpha acquired Massey Energy Company to become America’s third-largest coal company and the fifth-largest coal producer in the world. The new acquisition brings together highly complementary assets, which include more than 150 mines, 40 coal preparation facilities, and one of the world’s largest and highest-quality metallurgical coal reserve bases.
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