Arch Coal filed with the U.S. Bankruptcy Court a motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including September 7, 2016 and November 6, 2016, respectively.
The motion explains, “The Debtors and their advisors have also dedicated significant time and resources to, among other things, (a) obtaining approval of a $275 million debtor-in-possession credit facility on appropriate terms, permitting the financing of the Debtors’ operations during these chapter 11 cases, (b) obtaining approval of various other critical early case relief, (c) negotiating and obtaining court approval of a stipulation to provide financial assurances to the State of Wyoming with respect to certain mine reclamation obligations; (d) negotiating, obtaining court approval of and consummating the sale of Debtor ICG Knott County; (e) beginning the process of analyzing thousands of leases and executory contracts to identify those that are beneficial to the Debtors’ estates and should be assumed and those that should be rejected, (f) responding to a multitude of creditor, supplier and customer inquiries, (g) finalizing and filing the Debtors’ schedules of assets, liabilities and executory contracts and unexpired leases, and their statements of financial affairs, (h) establishing a bar date for the filing of claims and (i) engaging in negotiations with critical vendors and contract counterparties. The Debtors’ goal is, of course, to confirm a plan of reorganization that will receive broad-based support from all of their constituencies. Additional work and progress is necessary in connection with the continued negotiation of such a plan of reorganization.”
The Court scheduled a June 9, 2016 hearing to consider the motion. Read more Arch Coal bankruptcy news.
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