Arch Coal Disclosure Statement Approved By Court
OREANDA-NEWS. Arch Coal, Inc. ("Arch" or the "company") today announced that the United States Bankruptcy Court for the Eastern District of Missouri has approved the Disclosure Statement filed in connection with the company's proposed Plan of Reorganization (the "Plan"). With this approval, Arch can begin to solicit approval of the Plan from its creditors. A hearing to consider confirmation of the Plan by the Bankruptcy Court is scheduled to commence on September 13.
As previously announced, the Plan incorporates and implements the terms of the global settlement that Arch reached with certain of its senior secured lenders that hold more than 75% of its first lien term loan and the Official Committee of Unsecured Creditors (the "UCC").
"With the Court's approval of our Disclosure Statement, a consensual proposed Plan of Reorganization in place and a Plan confirmation hearing scheduled, Arch has established a clear path for emerging from this restructuring process as a strong, well-positioned competitor," said John W. Eaves, Arch's chairman and CEO. "We have worked diligently to achieve significant support for our Plan and we intend to complete the restructuring process in a highly expeditious manner. As we move forward, we will continue our sharp focus on operational excellence while maintaining an unwavering commitment to mine safety and environmental stewardship."
Arch will begin the process of soliciting votes for the Plan from eligible stakeholders immediately. The Court has set a voting deadline of August 31 for eligible stakeholders. The Plan is subject to confirmation by the Bankruptcy Court. This release is not intended as a solicitation for a vote on the Plan.
Davis Polk & Wardwell LLP is serving as legal advisor to Arch Coal, and PJT Partners is serving as financial advisor.
U.S.-based Arch Coal, Inc. is a top coal producer for the global steel and power generation industries, reliably serving customers worldwide. Its network of large-scale, low-cost mining complexes is the most diversified in the United States, spanning every major coal supply basin.