The U.S. Bankruptcy Court issued an order confirming Armstrong Energy’s Third Amended Joint Chapter 11 Plan.
As previously reported “Each Holder of an Allowed Senior Notes Claim will receive, on or as soon as reasonably practicable after the Effective Date, its pro rata share of: (i) 100% of the HoldCo Equity as of the Effective Date (before dilution on account of the HoldCo Equity issued to Murray in exchange for the Contribution as described in the Transaction Agreement) in satisfaction of the Noteholder Equity Issuance Consideration, and (ii) $19,000,000 in Cash to be funded by Murray in accordance with the Transaction Agreement; (iii) $12,000,000 in aggregate principal amount of MEC Notes to be delivered by Murray in accordance with the Transaction Agreement; and (iv) all Remaining Collateral and Remaining Collateral Proceeds and all assets and proceeds remaining in the General Account as provided in Article VIII.G hereof, until such Allowed Senior Notes Claims are paid in full.”
In addition, “Subject to the terms of the Transaction Agreement, on the Effective Date, the Debtors shall consummate the Sale Transaction by, among other things, transferring (i) the NewCo Transferred Assets to NewCo, (ii) the MEC Transferred Assets to Murray, and (iii) the KenAmerican Transferred Assets to KenAmerican, in each case, free and clear of all liens, claims, charges, and other encumbrances.” This thermal coal producer filed for Chapter 11 protection on November 1, 2017, listing $335 million in pre-petition assets.
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