ST. CLAIRSVILLE, Ohio-Wednesday 11 December 2019 [ AETOS Wire ]
(BUSINESS WIRE)--
Beginning on December 2, 2019, Murray Energy Corporation (the
“Company”) engaged in confidential discussions under separate
confidentiality agreements with certain members of an ad hoc group of
superpriority lenders related Murray Metallurgical Coal Holdings, LLC
and its subsidiaries (collectively, “Murray Metallurgical”).
The
confidentiality agreements require the Company to publicly disclose all
material non-public information provided to such lenders on or prior to
8:30am (New York time) on December 9, 2019. The Company has posted
certain previously undisclosed material to its website to satisfy its
disclosure obligations under the confidentiality agreements. Such
information can be viewed at the Investors portion of the Company’s
website, located at murrayenergycorp.com/investors.
Further inquiries should be directed to media@coalsource.com.
Safe Harbor Statement
The
materials referenced in this release and posted to our website include
forward-looking statements. A variety of factors could cause actual
results to differ materially from the expectations expressed in this
release and in the materials, including (i) market demand for coal and
electricity; (ii) geologic conditions, weather and other risks of coal
mining that are beyond our control; (iii) claims and litigation brought
against us, (iv) the coverage provided by our insurance against certain
liabilities; (v) our ability to extend existing long-term coal supply
agreements or enter into new agreements in the future; (vi) an increase
in competition within our industry and with producers of competing
energy sources; (vii) the accuracy with which we are able to estimate
our coal reserves and changes in the value of our proven and probable
coal reserves; (viii) availability and pricing of mining and other
industrial supplies; (ix) negotiation of labor contracts, employee
relations and workforce availability; (x) transportation availability,
performance and costs; (xi) loss of key customers; (xii) our ability to
obtain or renew surety bonds on acceptable terms; (xiii) possibility of
strikes or other work stoppages at our one unionized mine; (xiv)
obligations relating to benefits for retired employees and under pension
plans; (xv) our ability to retain key executives and attract and retain
qualified employees; (xvi) the impact of future legislation and changes
in regulations, governmental policies and taxes, including those
affecting permitting, mine safety and health, and land rights of mining
operators and those aimed at reducing greenhouse gas emissions; (xvii)
the Company’s ability to obtain approval by the United States Bankruptcy
Court for the Southern District of Ohio (the “Bankruptcy Court”) of a
Chapter 11 plan or any other plan of reorganization, including the
treatment of the claims of the Company’s lenders and trade creditors,
among others; (xviii) the Company’s ability to obtain approval with
respect to motions in the Chapter 11 cases for the Murray Energy
Holdings Co., the Company and its subsidiaries (collectively, the
“Chapter 11 Cases”) and the Bankruptcy Court’s rulings in the Chapter 11
Cases and the outcome of the Chapter 11 Cases in general; (xix) the
length of time the Company will operate under the Chapter 11 Cases; (xx)
risks associated with third-party motions in the Chapter 11 Cases,
which may interfere with the Company’s ability to develop and consummate
a plan of reorganization; (xxi) the potential adverse effects of the
Chapter 11 Cases on the Company’s liquidity, results of operations or
business prospects; (xxii) the ability to execute the Company’s business
and restructuring plan; (xxiii) increased legal and advisor costs
related to the Chapter 11 Cases and other litigation and the inherent
risks involved in a bankruptcy process.
View source version on businesswire.com: https://www.businesswire.com/news/home/20191209005561/en/
Contacts
Jason Witt
media@coalsource.com
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