trending Market Intelligence /marketintelligence/en/news-insights/trending/-TS3mn3xvikIy9f-3YcaGA2 content esgSubNav
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us
In This List

Foresight extends deal with bondholders

Q3: U.S. Solar and Wind Power by the Numbers

Path to Carbon-Free Power Generation by 2035

The Growing Importance of Data Centers for European & U.S. Renewable Projects

CAISO and ERCOT Power Forecasts by the Hour

Foresight extends deal with bondholders

ForesightEnergy LP has extended the termination date on a with its bondholders to Aug. 2.

Foresight disclosed in a July 18 securities filing that it hadentered into an amended transaction support agreement with holders of its7.875% senior notes due 2021. The agreement extends the termination date forfailure to consummate a restructuring of Foresight's indebtedness.

"Aspreviously disclosed, if an out of court restructuring is not completed, it maybe necessary for us to file a voluntary petition for relief under Chapter 11 ofthe United States Bankruptcy Code in order to implement a restructuring, or ourcreditors could force us into an involuntary bankruptcy or liquidation,"the filing states.

The filing also disclosed on July 17, , , Christopher Clineand Cline Resources and Development Co. executed a joinder to the deal agreeingto support and seek to consummate the restructuring. On the same day, Foresightentered an amendment with certain lenders extending a termination date andallowing discussions regarding consensual modifications to the terms of theiragreement.

The initial lender extension date may be extended to Aug. 5or other agreed upon date. An existing forbearance with consenting noteholdersentered into Dec. 18, 2015 was extended through Aug. 2.

Murray Energy bought a 34% interest in Foresight with anoption to purchase 46% of the partnership for $25 million, a move a Delawarecourt ruled amounted to a change in control of the company. That determinationis the basis of a lawsuit arguing Foresight was required to purchase notes at101% of the principal amount tendered in addition to accrued and unpaidinterest.