Murray Energy emerges from Chapter 11 after going-concern sale

Chicago, Sept. 16 – Murray Energy Holdings Co. emerged from Chapter 11 on Wednesday, according to a press release.

Substantially all its assets have been sold to a privately held company owned by a group of its former creditors.

The assets were sold to American Consolidated Natural Resources, Inc., a new entity formed from an ad hoc group of Murray’s superpriority lenders.

Muarray eliminated more than $8 billion of debt in the bankruptcy process.

ACNR, the new entity, has accessed new financing and will continue to conduct Murray’s business in the normal course, owning and operating nine mines in six states. ACNR will also manage and operate Foresight Energy mines and Murray Metallurgical mines through separate management services agreements.

A new collective bargaining agreement was entered into with the United Mine Workers of America, and approved during the Chapter 11 case.

The plan was approved on Aug. 31.

Murray Energy is a Saint Clairsville, Ohio, coal company. The company filed bankruptcy on Oct. 29, 2019 under Chapter 11 case number 19-56885.

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