Newspaper article St Louis Post-Dispatch (MO)

Foresight Energy Says Bondholders Won't Demand Repayment after Ruling

Newspaper article St Louis Post-Dispatch (MO)

Foresight Energy Says Bondholders Won't Demand Repayment after Ruling

Article excerpt

Foresight Energy says attorneys for a majority of its 2021 bonds have said the owners don't intend to demand repayment after a Delaware Court of Chancery opinion found that Murray Energy's purchase of a big stake in the company triggered a debt repurchase provision.

But Foresight Energy said the uncertainty meant "it is likely" the company will suspend distributions on its common units by the end of the year. In late October, it said it was cutting quarterly payments to 17 cents from 38 cents. When the company went public in June 2014, it promised unitholders a quarterly payment of at least 33.75 cents.

"Absent the acceleration of indebtedness and assuming continued lending from our revolving credit facility lenders, we believe we will be able to meet our obligations as they come due," the St. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.