Statements contained in this press release, and oral statements made from time to time by our representatives, that express a belief, expectation or intention, as well as those that are not historical fact, are forward-looking statements made in good faith that are subject to risks, uncertainties and assumptions. Louis, Missouri.Ĭautionary Statement Regarding Forward-Looking Statements Foresight’s operations are strategically located near multiple rail and river transportation access points, providing transportation cost certainty and flexibility to direct shipments to the domestic and international markets. With the resumption of longwall mining at Hillsboro, Foresight has idled continuous miner production at its Macoupin complex. Foresight operates three longwall mining complexes with four longwall mining systems and the Sitran river terminal on the Ohio River. įoresight is a leading producer and marketer of thermal coal controlling nearly 2.1 billion tons of coal reserves in the Illinois Basin. Court filings and other information related to the court-supervised proceedings are available at a website administered by Foresight’s claims agent, Prime Clerk LLC, at. Additional information is available by calling (833) 991-0977 (toll free) or (503) 597-7679 (international). “We are working expeditiously to timely implement the Plan, and we look forward to emerging from the chapter 11 process in the coming weeks.”įoresight’s Plan and the order of the Court confirming the Plan will be provided in a Current Report on Form 8-K to be filed with the Securities and Exchange Commission (the “SEC”), which can be viewed on the SEC’s website at or Foresight’s website after filing.
I count this as a tremendous accomplishment,” said Robert D. With their cooperation, we have been able to achieve confirmation within four months of entering chapter 11. “We are thankful to our many stakeholders, including our creditors, employees, customers, vendors, trade creditors, and key contract counterparties, for their continued support.
Additionally, pursuant to the Plan, Foresight will emerge from chapter 11 with only $225 million in secured exit facility loans (the “Exit Facility”), $75 million of which will convert to equity 60 days following the closing of the Exit Facility, and will have approximately $60 million in cash liquidity. Holders of Foresight’s limited partnership units will not receive any recovery under the Plan.
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The Plan provides for the reduction of over $1 billion of Foresight’s existing indebtedness and the elimination of approximately $94 million of Foresight’s anticipated annual cash interest payments, plus additional reductions in annual cash flow expenses through modified contractual terms with key logistics, mineral interest, and vendor counterparties. LOUIS-( BUSINESS WIRE)- Foresight Energy LP (“Foresight”) announced today that the United States Bankruptcy Court for the Eastern District of Missouri has issued an order confirming Foresight’s chapter 11 plan of reorganization (the “Plan”).
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