come on pedro you know that was amended. BUT HERE IS WHY IT WILL BE CONFIRMED..THE PALN WILL PAY THE CREDITORS ONLY IF COAL IS OVER $70/ TON AND THEY WILL GET PAID 2.50 PER TON AND PRIOTY CREDITORS WILL GET 100% OVER A 5 YR PERIOD OF THE PREPETITION FILING............................................................
Gwenco has a proposed nine month purchase order contract from Logan and
Kanawha Coal Co. LLC, 96 MacCorkle Avenue SW, South Charleston, WV 25303, for
delivery FOB Hampden Coal Division, of 7,000 to 10,000 clean tons per month for $87
per clean ton. It is anticipated that coal prices will remain stable so that on expiration of the
contract a new sales contract will be available for $87 per clean ton, or no less than $80 per
clean ton.
Projected gross revenue from sales is estimated to be between $203,000 and
$290,000 per month for the first six month from mining activity in the Pond Creek Seam.
Thereafter additional income will be generated by increased mining in the Pond Creek
Seam and mining activity in the Lower Cedar Gove seam.
Any sales price of approximately $70.00 or above per clean ton provides the means
for performing the plan. Current market prices suggest sales prices of at least $70.00 or
more for the Pond Creek Seam coal per ton for the foreseeable future.
If this case was to be converted to Chapter 7 and the assets of Gwenco liquidated,
secured creditors would be paid between 50 cents to 100 cents on the dollar, with all other
creditors receiving less than ten cents on the dollar for their claims.
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