Bankruptcy News

We've summarized the latest docket activity and news for publicly traded companies currently operating under U.S. Bankruptcy Court protection.

Bankruptcy/Chapter 11 / Energy

James River Coal Plan Filed

James River Coal Company filed with the U.S. Bankruptcy Court a Chapter 11 Plan of Liquidation and related Disclosure Statement. According to documents filed with the Court, "The Plan contemplates the liquidation and dissolution of the Debtors and the resolution of all outstanding Claims against, and Interests in, the Debtors. The Debtors have proposed a Plan that they believe will treat their creditors in an economic and fair manner….[I]n developing the Plan, the Debtors, in consultation with the Committee, considered various issues relating to how the distributable value should be allocated amongst the creditors of the various Debtors, including, without limitation, (a) whether the elements necessary to obtain an order of substantive consolidation are satisfied in these Chapter 11 Cases; (b) the value of the Estates on a consolidated and a non-consolidated basis, and the proper method of determining such value; (c) the projected recoveries of Creditors on a consolidated basis with and without implementation of substantive consolidation, in whole or in part; (d) whether and how to attribute the value of the proceeds of the various sales of the Debtors' assets to specific Debtors; (e) the probability of avoidance of certain prepetition transactions; and (f) the nature and treatment of Intercompany Claims. The Debtors and the Committee believe that the Plan strikes a fair and equitable balance between these competing interests." The Court scheduled a January 26, 2016 Disclosure Statement hearing.

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