Murray Metallurgical Coal requests 120-day plan exclusivity extension

By Caroline Salls

Pittsburgh, June 8 – Murray Metallurgical Coal Holdings, LLC requested an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to a motion filed Friday with the U.S. Bankruptcy Court for the Southern District of Ohio.

Specifically, the company is asking the court to extend its exclusive plan-filing period by 120 days through Oct. 8 and the solicitation period through Dec. 7.

“The debtors seek an extension of their exclusivity periods to ensure that they have sufficient time to finalize and consummate a value-maximizing transaction,” the motion said.

Despite progress made so far in the Chapter 11 proceedings and the fact that the cases are on track for a quick resolution in accordance with Murray Metallurgical’s restructuring support agreement, the company said work remains to be done.

The company said a plan supplement must be filed by June 23, and the confirmation hearing for its previously filed plan is scheduled for July 8. In addition, Murry Metallurgical said it is in the midst of litigation with Bay Point Capital Partners II, LP regarding the valuation of Bay Point’s collateral that would impact the amount of Bay Point’s secured claim, as well as litigation with UMWA 1974 Pension Plan Trust and UMWA 1993 Benefit Plan regarding the UMWA Funds’ appeal of a critical vendor order.

“The debtors submit that this timeline supports the debtors’ request for an extension of exclusivity to allow the debtors to complete the confirmation process without the risk of substantial additional costs and disruption that could follow an expiration of the exclusivity periods,” the motion said.

A hearing is scheduled for July 1.

Murray Metallurgical is based in St. Clairsville, Ohio. The company filed bankruptcy on Feb. 11 under Chapter 11 case number 20-10390.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.