According to documents filed with the SEC, Arch Coal entered into an amendment (RSA Amendment), which provides for the waiver of the termination event that would have occurred on April 10, 2016 as a result of the Debtors not having obtained U.S. Bankruptcy Court approval of the assumption of the restructuring support agreement (RSA) within 90 days of the Chapter 11 petition date.
The RSA Amendment also provides for the waiver of any termination event arising out of the Debtors’ failure to deliver the updated business plan required under the RSA no later than 60 days after the petition date, so long as the Debtors (i) deliver an updated business plan no later than April 1, 2016 or such later date as may be agreed to by the majority consenting lenders, which business plan is reasonably acceptable to the majority consenting lenders (confirmed on or before April 8, 2016 or such later date as may be agreed to by the majority consenting lenders) and (ii) make publicly available certain disclosure materials no later than April 15, 2016 or such later date as may be agreed to by the majority consenting lenders.
The RSA Amendment further waives any termination event arising out of the Debtors’ failure to file the Plan and Disclosure Statement no later than 90 days after the Petition Date, so long as the Debtors (i) file the documents no later than April 26, 2016 or such later date as may be agreed to by the majority consenting lenders and (ii) obtain Court approval of the Disclosure Statement no later than June 10, 2016.The RSA Amendment also provides for an extension of the date after which the Debtors and the majority consenting lenders may modify the proposed distributions to holders of unsecured claims if holders of more than $1.6125 billion of unsecured claims against the Debtors have not executed a RSA substantially in the form of the RSA from April 10, 2016 to April 22, 2016.
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