Alpha anticipates Ch11 financing

US COAL miner Alpha Natural Resources anticipates the US Bankruptcy Court for the Eastern District of Virginia to enter a final order allowing the company to use the debtor-in-possession financing package it secured during its Chapter 11 filing in August.
Alpha anticipates Ch11 financing Alpha anticipates Ch11 financing Alpha anticipates Ch11 financing Alpha anticipates Ch11 financing Alpha anticipates Ch11 financing

An Alpha Natural Resources mine rescue team

Anthony Barich

The 18-month package is headed by a group comprised of Alpha’s first and second lien lenders and provides for up to $692 million in financing.

“Finalising this package with the support of both our secured lenders and unsecured Creditors Committee represents a significant milestone in our restructuring,” chief financial and strategy officer Philip Cavatoni said.

“We believe that, in concert with existing liquidity, this package provides the financial flexibility needed to navigate the Chapter 11 process.”

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