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Walter Energy gets exclusivity extension to complete transition, plan
By Caroline Salls
Pittsburgh, Aug. 18 – Walter Energy, Inc. obtained a third extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to an order filed Thursday with the U.S. Bankruptcy Court for the Northern District of Alabama.
Walter Energy’s exclusive plan-filing period was extended through Jan. 15 from July 9 and the solicitation period through March 15, 2017 from Sept. 7.
Although it has reached a number of key milestones in its Chapter 11 cases, including the sale of most of its assets on a going-concern basis, the company said it needs more time to complete the transition of operations to the asset purchasers and to finalize and implement a plan for the winding-up of its estates.
“If the debtors’ exclusivity period terminates, any party in interest would be free to file a plan, which would divert the debtors’ limited resources, at a substantial cost to the estates,” the motion said.
Based in Birmingham, Ala., Walter Energy is a metallurgical coal producer. The company filed for bankruptcy on July 15, 2015, and its Chapter 11 case number is 15-02741.
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