Aftermonths of delays anda warning that itmight have to seek bankruptcy protection, Foresight Energy LP announced yet another extension ofnegotiations with the trustee of its 7.875% senior notes due 2021.
Theextension, which runs through April 5, comes a week after the partnership'slast deadline passed.
Foresighthas extended negotiations with the trustee of its 7.875% senior notes due 2021several times since the beginning of the year after a Delaware court ruledagainst the company in December 2015 in a case brought by the trustee of thebondholders.
Thelawsuit stemmed from MurrayEnergy Corp.'s acquisition of a 34% noncontrolling interest inForesight's general partner for $1.37 billion and an option to purchase anadditional 46% of the partnership for $25 million in April 2015. The suit,filed by the Wilmington SavingsFund Society FSB, argued the deal amounted to a change in controlof the company, which should have resulted in Foresight offering to purchase thenotes at 101% of the principal amount tendered plus any accrued and unpaidinterest.
Theoutstanding notes are valued at $600 million.
ForesightReceivables LLC, together with the partnership, also announced the extension ofa forbearance agreement initially entered into in late January under areceivables financing agreement. The extension also runs through April 5.