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Walter Energy Extension Approved

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The U.S. Bankruptcy Court approved Walter Energy’s third motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including January 15, 2017 and March 15, 2017, respectively.

As previously reported, ” Although the Debtors have reached a number of key milestones in these Chapter 11 Cases – most notably the sale of most of their assets on a going concern basis, the Debtors require additional time in Chapter 11 to complete the transition of operations to the asset purchasers, and to finalize and implement a plan for the winding-up of these estates. If the Debtors’ exclusivity period terminates, any party in interest would be free to file a plan, which would divert the Debtors’ limited resources, at a substantial cost to the estates. Accordingly, the Debtors seek to retain exclusivity to ensure the smooth and efficient resolution of these large and complex Chapter 11 Cases.”

Read more on the Walter Energy bankruptcy.

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