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 Plan Effective, Summarized

Armstrong Energy's Third Amended Joint Chapter 11 Plan of Reorganization became effective, and the Company emerged from Chapter 11 protection. The U.S. Bankruptcy Court confirmed the Plan on February 2, 2018. Now that the Plan is effective, Murray Energy's unrestricted subsidiary, Murray Kentucky Energy, has completed its acquisition of a 51% interest in Western Kentucky Coal Resources, which holds certain assets formerly owned by Armstrong Energy. The secured noteholders of Armstrong Energy now hold a 49% ownership interest in Western Kentucky. Robert E. Murray, chairman, president and C.E.O. of Murray Energy, comments, "Murray Energy and Murray Kentucky are very pleased that we were able to complete this acquisition, ahead of schedule, with the support of the secured noteholders of Armstrong Energy." BankruptcyData's detailed Plan Summary notes, "Generally speaking, the Plan: provides for the full and final resolution of all funded debt obligations; designates a Plan Administrator to wind down the Debtors' businesses and affairs; pay and reconcile Claims as provided therein; and administer the Plan in an effective and efficient manner; provides for 100% recoveries for Holders of Allowed Administrative Claims, Priority Tax Claims, Professional Fee Claims, and Other Secured Claims; provides for the distribution of the proceeds of certain unencumbered assets to Holders of General Unsecured Claims; and provides for the Sale Transaction." This thermal coal producer filed for Chapter 11 protection on November 1, 2017, listing $335 million in pre-petition assets. Visit BankruptcyData for a detailed Plan Summary.

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