In mid-September, after almost a year in bankruptcy proceedings, Murray Energy emerged from its case and is now known as American Consolidated Natural Resources.
The Chapter 11 plan was effective Sept. 16.
Murray sold “substantially all” of its assets to American Consolidated Natural Resources (ACNR) through the reorganization. ACNR is comprised of its superpriority term loan lenders. The coal miner said restructuring eliminated more than $8 billion of Murray debt and legacy liabilities, and also will give it access to new financing and, thus, financial flexibility going forward.
ACNR will continue conducting Murray’s business, owning and operating nine mines in six states. The UMWA also confirmed all of its represented workers were rehired.
The newly formed ACNR additionally manage and operate the Foresight Energy mines and the Murray Metallurgical mines via a pair of separate management services agreements.
“Throughout these complex proceedings, we have been challenged with a global pandemic, extremely volatile coal markets, and months of uncertainty,” Robert Moore, president and CEO of ACNR, said in a confirmation of the news.
“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.”