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The court confirmed Alpha Natural Resources’ Second Amended Joint Plan, as modified, moving the 150-debtor coal case from negotiation into implementation. The confirmed plan centers on the NewCo Asset Sale, exit financing documents, a NewCo ABL facility, and settlements with first lien lenders, second lien noteholders, environmental groups, the retiree committee, and UMWA-related parties; all six voting impaired classes accepted, while Classes 8, 9, and 10 were deemed to reject source filing.
Alpha and 149 affiliates filed chapter 11 on August 3, 2015 after coal-price pressure, regulatory costs, and legacy liabilities pushed one of the country’s largest coal producers into court. The Bristol, Virginia company reported $10.1 billion of assets, $7.1 billion of liabilities, $4.3 billion of 2014 revenue, roughly 8,000 employees, 54 active mines, 22 preparation plants, and operations across Northern Appalachia, Central Appalachia, and the Powder River Basin source filing. The opening balance sheet included a $625 million secured term loan, $445 million revolver balance, $714 million of second lien notes, $2.10 billion of unsecured institutional debt, and a missed $109 million August 1, 2015 maturity payment; reclamation and bonding exposure added a major regulatory overhang source filing.
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