Murray Energy gets 120-day exclusivity extension amid sale process

By Caroline Salls

Pittsburgh, March 12 – Murray Energy Holdings Co. received 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 Southern District of Ohio.

The company’s exclusive filing period was extended by 120 days through June 25 and the solicitation period through Aug. 24.

“The debtors seek an extension of their exclusivity periods to ensure that they have sufficient time to finalize and consummate a value-maximizing transaction,” the motion said.

Murray said it filed Chapter 11 to run a sale process, with its pre-bankruptcy term loan lenders providing the baseline credit bid.

According to the motion, Murray is in the midst of a marketing and sale process, which is expected to culminate in a plan that will allow it to emerge as a going concern.

The company said the final bid deadline is March 16, and the auction is scheduled for March 26.

In addition, Murray said it remains on track to seek confirmation of the plan in advance of the June 8 deadline set in its debtor-in-possession financing and restructuring support agreements.

“The debtors submit that this timeline supports the debtors’ request for an extension of exclusivity to allow the debtor to complete the sale process without the risk of substantial additional costs and disruption that could follow an expiration of the exclusivity periods,” the motion said.

Murray Energy is a Saint Clairsville, Ohio, coal company. The company filed bankruptcy on Oct. 29 under Chapter 11 case number 19-56885.

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