Bankrupt coal miner Walter Energy Inc. has reached a new deal with lenders to sell virtually all assets in exchange for $1.25 billion in debt and $5.4 million cash, according to court filings (In re Walter Energy Inc., Bankr. N.D. Ala., 15-02741, motion filed 11/5/15).
Walter Energy filed for bankruptcy protection on July 15, 2015, listing debt of $5.01 billion against assets of $5.20 billion136 PBGCN, 7/16/15, 27 BBLR 988, 7/16/15.
In September, lenders terminated a previous restructuring agreement that would have given them a majority of Walter Energy’s equity in exchange for about $1.9 billion in debt.
The ...
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