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 / Bonds

Armstrong Energy Chapter 11 Petition Filed

Armstrong Energy (f/k/a Armstrong Land Company) and eight affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Eastern District of Missouri, lead case number 17-47541. The Company, which produces thermal coal, is represented by Richard W. Engel, Jr. of Armstrong Teasdale. Concurrent with the petition, the Company also filed a Chapter 11 Plan of Reorganization. Documents filed with the Court explain, "The Plan is supported by the Debtors' three primary stakeholders: The Supporting Senior Noteholders, Thoroughbred Resources, L.P., for itself and on behalf of its Affiliates and subsidiaries, and Rhino Resource Partners Holdings LLC. The Plan also has the support of Knight Hawk Holdings, a contemplated investor in NewCo for purposes of consummating the sale and related transactions contemplated by the Transaction Agreement and the Restructuring Support Agreement and as further provided for herein. The Plan, if consummated, will effectuate the terms of the Sale Transaction as well as facilitate a wind-down and liquidation of the Debtors' remaining operations and assets." According to a corporate release, the Company "took this action in order to consummate the transfer of substantially all of its assets (the 'Transaction') to a new entity to be jointly owned by Knight Hawk Holdings, LLC ('Knight Hawk') and the Company's secured noteholders." Armstrong Energy's executive chair, J. Hord Armstrong, III, explains, "We are confident that this court-supervised process is the best way to close the Transaction expeditiously."

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