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Murray Energy Consummates Sale Transaction to ACNR

Coal News - Published on Fri, 18 Sep 2020

Image Source: Murray Energy ACNR
Murray Energy Holdings Co and its subsidiaries announced that its chapter 11 plan became effective as of September 16, 2020, and that it has successfully completed a sale of substantially all its assets to a privately held company owned by a group of its former creditors. The United States Bankruptcy Court for the Southern District of Ohio (Western Division) approved the Plan on August 31, 2020. Through the restructuring process, Murray effectuated the sale of substantially all of their assets to American Consolidated Natural Resources Inc, a new entity formed at the direction of an ad hoc group of Murray’s super priority term loan lenders. The restructuring transactions eliminated more than USD 8 billion of Murray’s debt and legacy liabilities and allowed ACNR to access new financing, providing ACNR with enhanced financial flexibility.

Post-transaction, ACNR will continue conducting Murray’s business in the normal course, owning and operating 9 mines and preserving thousands of jobs throughout six states. In addition, ACNR will manage and operate the Foresight Energy mines and the Murray Metallurgical mines through two separate management services agreements. ACNR has entered into a new collective bargaining agreement with the United Mine Workers of America, which agreement was approved during Murray’s chapter 11 cases.

ACNR, together with its affiliates and subsidiaries, is the largest privately owned coal company in the United States and is headquartered in St. Clairsville in Ohio. ACNR will produce approximately 35 million tons of high-quality bituminous coal annually, and such operations include 9 active mines across the Northern and Southern Appalachia Basins in Ohio, West Virginia, and Alabama, the Illinois Basin in western Kentucky and the Uintah Basin in Utah.

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Posted By : Yogender Pancholi on Fri, 18 Sep 2020
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