Inmet Mining’s plan accepted by general unsecured creditor class

By Sarah Lizee

Olympia, Wash., Dec. 1 – Inmet Mining, LLC and its official committee of unsecured creditors’ Chapter 11 plan of liquidation was accepted by the class of general unsecured creditors, according to a tabulation summary filed Friday with the U.S. Bankruptcy Court for the Eastern District of Kentucky.

Specifically, all five voting holders of $427,535.31 of general unsecured claims voted to accept the plan.

The combined hearing on final approval of the disclosure statement and confirmation of the plan is scheduled for Dec. 5.

Under the plan, administrative claims, priority tax claims and other priority claims will be paid in full.

The company said it does not believe it has any allowed secured claims. To the extent allowed claims are found to be secured, they will receive deferred cash payments totaling at least the allowed amount of the claim, of a value as of the effective date of the plan of at least the value of their interest in the estate’s interest in the property.

Holders of general unsecured claims and Blackjewel trust claims will receive their pro rata share of distribution of the assets remaining after higher priority claims are paid in full. Together, these classes are expected to receive a recovery of 5% to 8%.

Equity interests will be canceled with no recovery.

The Knoxville, Tenn.-based coal mining company filed Chapter 11 bankruptcy on April 5, 2023 under case number 23-70113.

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