Murray Energy Affiliate Hits Ch. 11 With $270M Of Debt
Law360 (February 13, 2020, 8:16 PM EST) -- A subsidiary of bankrupt coal giant Murray Energy has itself filed for Chapter 11 protection in an Ohio bankruptcy court, saying it is looking at an asset sale to escape $270 million in liabilities and a liquidity crunch.
In its bankruptcy filings Wednesday, Murray Metallurgical Coal Holdings LLC said it has entered into a restructuring agreement under which it will receive $50 million in debtor-in-possession financing and sell off its two coal mines, one to its lenders and parent company and the other to a third party.
"After evaluating all feasible strategic alternatives, the debtors and their major stakeholders are convinced...
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