Alpha Natural Resources anticipates final court approval


Staff Report



BRISTOL, Va. — Alpha Natural Resources, Inc. (OTC PINK: ANRZQ) announced Wednesday that, based on a hearing held yesterday, it anticipates a Final Order being entered by the U.S. Bankruptcy Court for the Eastern District of Virginia authorizing Alpha to utilize the Debtor-in-Possession (DIP) financing package the Company secured in connection with its Chapter 11 filing in early August.

“Finalizing this package with the support of both our secured lenders and the unsecured Creditors Committee represents a significant milestone in our restructuring,” said Alpha’s Chief Financial and Strategy Officer, Phillip Cavatoni. “We believe that, in concert with existing liquidity, this package provides the financial flexibility needed to navigate the Chapter 11 process.”

The 18-month financing package provides for up to approximately $692 million in financing, and is led by a group composed of the Company’s first and second lien lenders. Changes made to the original package were agreed to by all parties and did not affect the overall financing sought by Alpha. This expected approval follows a number of other Final Orders received from the Court in recent weeks, including the authorization to continue paying employee wages and benefits.

Alpha and certain of its wholly-owned subsidiaries filed voluntary petitions to reorganize under Chapter 11 of the U.S. Bankruptcy Code on August 3, 2015. More information about Alpha’s bankruptcy process and legal filings made with the Court to date can be found at www.alpharestructuring.com.

Staff Report

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