Mission Coal gets exclusivity extension to close sale, confirm plan

By Sarah Lizee

Olympia, Wash., Feb. 7 – Mission Coal Co., LLC obtained an 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.

The exclusive plan-filing period was extended through May 12 from Feb. 11 and the solicitation period through July 11 from April 12.

As previously reported, the company filed a Chapter 11 plan on Jan. 2 that calls for a transfer of its assets to a winning bidder to be selected following an auction process.

“While the debtors have made significant progress to date, much work remains to be done,” the motion said.

As a result, Mission Coal said the debtors believe that extending the exclusivity periods will give them and their stakeholders time to complete their investigation into potential pre-bankruptcy claims and causes of action, engage in further negotiations with their key stakeholders, close the sale and confirm a consensual plan.

Mission is a Kingsport, Tenn.-based coal company. The company filed bankruptcy on Oct. 14 under Chapter 11 case number 18-04177.

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