Wednesday, July 15, 2015

Walter Energy Restructuring Milestones From Restructuring Support Agreement $WLT $WLTG

  • The Debtors must commence the Section 1113/1114 Process by making an initial proposal to the UMWA by August 12, 2015, and to the USW by August 26, 2015, which proposals must be acceptable to the Majority Holders; 
  • The Debtors must commence the 363 Sale process by August 19, 2015 by starting to market the Company;
  • The Debtors must achieve the necessary cost savings that are acceptable to the Debtors and the Majority Holders through the Section 1113/1114 Process, either through negotiations with the unions or by rejecting the relevant Collective Bargaining Agreements under section 1113 of the Bankruptcy Code and terminating or modifying the retiree benefits pursuant to section 1114 of the Bankruptcy Code, by December 9, 2015; 
  • The Disclosure Statement providing adequate information about the Plan must be approved by the Bankruptcy Court by October 28, 2015; and 
  • The Plan must be confirmed by the Bankruptcy Court by January 13, 2016. 

No comments: