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Murray Energy, lenders extend forbearance agreements deadline through Oct. 28

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Murray Energy, lenders extend forbearance agreements deadline through Oct. 28

Murray Energy Corp. and its lenders amended their forbearance agreements and extended the period through Oct. 28, according to an Oct. 16 release.

The agreements will terminate once the forbearance period ends or a specified forbearance termination event occurs, Murray Energy said.

The nation's largest privately owned coal producer elected not to make cash interest payments due Oct. 15 to holders of its 12% senior secured notes due 2024 and 11.25% senior secured notes due 2021, following discussions with its lenders and noteholders over how to strengthen the company's business, liquidity and capital structure.

Murray Energy initially entered into forbearance agreements earlier this month to delay consequences pertaining to a potential event of default after the miner did not make amortization and interest payments that were due Sept. 30.

S&P Global Ratings lowered its issuer credit rating on the company from "selective default" to "default" after it missed payments on B-2 and B-3 term loans during a grace period that expired Oct. 7.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.