Inmet Mining gets conditional approval of disclosure statement

By Sarah Lizee

Olympia, Wash., Oct. 20 – Inmet Mining, LLC and its official committee of unsecured creditors received conditional approval of the disclosure statement for their Chapter 11 plan of liquidation for the company, according to an order filed Friday with the U.S. Bankruptcy Court for the Eastern District of Kentucky.

The combined hearing on final approval of the disclosure statement and confirmation of the plan is scheduled for Dec. 5.

Under the plan, administrative claims, priority tax claims and other priority claims will be paid in full.

The company said it doesn’t believe it has any allowed secured claims. To the extent allowed claims are found to be secured, they will receive deferred cash payments totaling at least the allowed amount of the claim, of a value as of the effective date of the plan of at least the value of their interest in the estate’s interest in the property.

Holders of general unsecured claims and Blackjewel trust claims will receive their pro rata share of distribution of the assets remaining after higher priority claims are paid in full. Together, these classes are expected to receive a recovery of 5% to 8%.

Equity interests will be canceled with no recovery.

The Knoxville, Tenn.-based coal mining company filed Chapter 11 bankruptcy on April 5, 2023 under case number 23-70113.

© 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.