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Walter Energy Bankruptcy Liquidation Approved

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The U.S. Bankruptcy Court approved Walter Energy’s motion for an order (a) converting the Debtors’ Chapter 11 reorganization case to a liquidation under Chapter 7 and (b) granting related relief. The order states, “The Chapter 11 Cases shall be converted to cases under Chapter 7 of the Bankruptcy Code on February 21, 2017 (the ‘Conversion Date’).”

The Debtors requested the conversion order with the following argument: “Having consummated the sale transactions, the Debtors have transferred, or have obligated themselves to transfer, every asset that they own. Since the sale closing, the Debtors have been winding down their Chapter 11 estates. In accordance with the wind down trust agreement established under the asset purchase agreement with Warrior Met Coal, the Debtors have facilitated the orderly wind down of the Debtors’ remaining operations and affairs, including the liquidation and collection of substantially all of the Debtors’ remaining property.”

In addition, “The Chapter 11 wind down process is now substantially complete. The Debtors are current on their post-petition costs of running the Chapter 11Cases and the post-sale wind-down….Other than as provided under the global settlement, no prospect of payment of unsecured claims exists. Finally, the Wind Down Trust…expires on its own terms on February 28, 2017.”

This metallurgical coal producer filed for Chapter 11 protection on July 15, 2015, listing $5.4 billion in pre-petition assets.

Read more energy bankruptcy news.

The post Walter Energy Bankruptcy Liquidation Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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