| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers A > Headlines for Armstrong Energy, Inc. > News item |
Armstrong reaches agreement with noteholders on restructuring
New York, Oct. 6 – Armstrong Energy, Inc. said it has reached an agreement with holders of its 11¾% senior secured notes due 2019 and others on a restructuring of its balance sheet.
As part of the agreement in principle, the company and its noteholders plan to execute a further forbearance agreement that will run through Oct. 31, according to a news release.
Completion is subject to final documentation, due diligence and approvals.
Participating in the agreement are holders of $156 million, or 78%, of the $200 million of outstanding notes, coal miner Knight Hawk Holdings, LLC, the company’s largest shareholder and Armstrong’s primary mineral rights provider.
The mineral rights provider has agreed to support a new royalty agreement.
Previously the company missed the coupon payment due on June 15 on the notes.
Alan Boyko of FTI Consulting, Inc. was appointed as chief restructuring officer on Aug. 14.
Armstrong Energy is a St. Louis-based producer of low chlorine, high sulfur thermal coal from the Illinois Basin.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.