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Murray NewCo's new board will include former Murray

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StockRoomBully   Saturday, 12/07/19 04:46:02 PM
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Murray NewCo's new board will include former Murray Energy President and CEO Robert Murray as board chairman well as Robert Moore, who leads Murray Energy and affiliated company Foresight Energy LP, as president and CEO of the new entity.

NewCo??

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The trust seeks to liquidate and convert the assets into cash to distribute to beneficiaries.



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The plan also would allow superpriority lenders to direct the superpriority agent to form a new entity, "Murray NewCo," to act as a stalking horse bidder on the companies' asset sale and submit an offer. If there are no higher bids on the assets, Murray NewCo would take over the assets.



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Under the plan filed Tuesday in the US Bankruptcy Court for the Southern District of Ohio, a plan administrator would be appointed to wind down Murray Energy's and its certain debtor subsidiaries' assets, resolving any disputes, making final payments and liquidating the company.



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The Debtors' proposed Plan will allow the Debtors to emerge as a going concern, ensuring that the Debtors' assets will continue operating and providing employment to thousands of employees," court documents state.




"Foresight Energy LP (NYSE: FELP) and Foresight Energy GP LLC, including their direct and indirect subsidiaries, as well as Murray Metallurgical Coal Holdings, LLC, Murray Eagle Mining, LLC, Murray Alabama Minerals, LLC, Murray Maple Eagle Coal, LLC, Murray Alabama Coal, LLC and Murray Oak Grove, LLC did not file voluntary petitions and are not part of the Company’s Chapter 11 Cases."

https://www.spglobal.com/platts/en/market-insights/latest-news/coal/120619-murray-energy-submits-plan-to-sell-off-assets-wind-down-estate-in-restructuring








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