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Murray Energy Successfully Consummates Going-Concern Sale Transaction

The Associated Press

ST. CLAIRSVILLE, Ohio--(BUSINESS WIRE)--Sep 16, 2020--

Murray Energy Holdings Co. and its subsidiaries (collectively, “Murray”) announced today that its chapter 11 plan (the “Plan”) became effective as of September 16, 2020, and that it has successfully completed a sale of substantially all its assets to a privately held company owned by a group of its former creditors. The United States Bankruptcy Court for the Southern District of Ohio (Western Division) (the “Court”) approved the Plan on August 31, 2020.

Through the restructuring process, Murray effectuated the sale of substantially all of their assets to American Consolidated Natural Resources, Inc. (“ACNR”), a new entity formed at the direction of an ad hoc group of Murray’s superpriority term loan lenders. The restructuring transactions eliminated more than $8 billion of Murray’s debt and legacy liabilities and allowed ACNR to access new financing, providing ACNR with enhanced financial flexibility. Post-transaction, ACNR will continue conducting Murray’s business in the normal course, owning and operating 9 mines and preserving thousands of jobs throughout six states. In addition, ACNR will manage and operate the Foresight Energy mines and the Murray Metallurgical mines through two separate management services agreements. ACNR has entered into a new collective bargaining agreement with the United Mine Workers of America, which agreement was approved during Murray’s chapter 11 cases.

Robert D. Moore, President and Chief Executive Officer of ACNR, commented, “Throughout these complex proceedings, we have been challenged with a global pandemic, extremely volatile coal markets, and months of uncertainty. Our employees and business partners met these challenges, and, together, moved the company forward to today’s emergence. Through the efforts and sacrifice of our dedicated employees, the United Mine Workers of America, our secured lenders, and our trade partners and customers, we are a much stronger company today than we were when we sought Chapter 11 protection. As a result of these outstanding efforts, over 4,000 individuals remain working and ACNR will be a viable business partner in the communities in which our operations are located. I want to personally thank all of our employees and business partners for their efforts and their continued confidence in our leadership team.”

Additional information, including court filings and background information on the restructuring process, is available at https://cases.primeclerk.com/MurrayEnergy. You may also obtain copies of any pleadings by visiting the Court’s website at https://ecf.ohsb.uscourts.gov in accordance with the procedures and fees set forth therein.

About American Consolidated Natural Resources, Inc.

ACNR (together with its affiliates and subsidiaries) is the largest privately owned coal company in the United States and is headquartered in St. Clairsville, Ohio. ACNR will produce approximately 35 million tons of high-quality bituminous coal annually, and such operations include 9 active mines across the Northern and Southern Appalachia Basins (located in Ohio, West Virginia, and Alabama), the Illinois Basin (located in western Kentucky), and the Uintah Basin (located in Utah).

If you would like more information about American Consolidated Natural Resources, Inc., please visit acnrinc.com. Any further inquiries should be directed to media@acnrinc.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20200916005985/en/

CONTACT: Michael McKown

(740) 338-3285

media@acnrinc.com

www.acnrinc.com

KEYWORD: OHIO UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: OIL/GAS COAL NATURAL RESOURCES ENERGY MINING/MINERALS

SOURCE: American Consolidated Natural Resources, Inc.

Copyright Business Wire 2020.

PUB: 09/16/2020 08:08 PM/DISC: 09/16/2020 08:08 PM

http://www.businesswire.com/news/home/20200916005985/en