U.S. bankruptcies – filings detail byzantine processes

摘要

The 1,541-page filing in which an agent for lenders disputed Murray Energy’s revision of term loans with other lenders showed in ample detail that some coal companies’ urgent need to refinance is fraught with financial and contractual landmines. This is at a time that five of the larger – in most cases, publicly traded – U.S. coal companies that had to file for Chapter 11 bankruptcy this year had trouble not only getting new injections of capital but navigating the terms of their existing credit facilities – all basically racing against the clock trying to regain solvency even as market demand and coal prices tanked.