Bankrupt Mission Coal sees no future, plans to liquidate company

first_imgBankrupt Mission Coal sees no future, plans to liquidate company FacebookTwitterLinkedInEmailPrint分享S&P Global Market Intelligence ($):Mission Coal Co. LLC finalized a bankruptcy reorganization plan that, if approved by a federal court, will dissolve the company.The plan would designate an administrator to “wind down” Mission’s businesses and affairs and reconcile claims, according to a disclosure statement the company filed in the U.S. Bankruptcy Court for the Northern District of Alabama on Jan. 2. The Tennessee-based coal producer, which filed for Chapter 11 bankruptcy protection in October 2018, wrote that the plan would “avoid the lengthy delay and significant cost of liquidation under chapter 7 of the Bankruptcy Code.”Mission has about $175 million in debt obligations between a $104 million first lien credit agreement and $71 million second lien credit agreement, according to the disclosure.The company plans to sell “substantially all” of its assets, transferring all assumed liabilities including any cure costs that may be needed for any executory contracts or unexpired leases following the transaction. Other liabilities include workers compensation and occupational health claims that arise after the transaction closes as well as all black lung responsibilities, among others.Those assets include all inventory, equipment, assumed contracts, transferred permits, owned and leased property, and all coal reserves excluding those under its Pinnacle businesses. Mission controls about 318 million tons of proven and probable coal reserves between two deep mines and a surface mine in West Virginia and one deep mine in Alabama.Upon the plan’s effective date, the board of directors would be dissolved, leaving only the plan administrator to direct matters pertaining to winding down the company, such as resolving remaining claims and paying off claims the buyer is not responsible for. Once that is complete, the coal producer will liquidate.More ($): Mission Coal submits bankruptcy reorganization plan that would dissolve companylast_img read more

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What is a credit union? The key to snagging a low-interest mortgage

first_img continue reading » When shopping for a mortgage, there’s one lender that home buyers often overlook: credit unions.So what is a credit union? It’s a cooperative financial institution owned and controlled by its members—all of the co-op’s account holders and borrowers. This setup comes with some distinct advantages if you’re shopping for a home loan, as well as some limitations.Here’s everything you need to know about credit unions so you can decide whether one would be the right lender for you.Credit union vs. bank: What’s the difference?While getting a mortgage through a credit union is fairly similar to a bank, credit unions differ from banks in several ways. For one, you have to be eligible for membership. Credit unions are not FDIC-insured and instead are overseen by the National Credit Union Administration, a federal agency. ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

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