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Walter Energy asks for 3rd reorganization extension, cites progress

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Walter Energy asks for 3rd reorganization extension, cites progress

Alabama-basedcoal producer Walter Energy Inc.appealed to a federal court to extend the time allowed to seek approval for itsbankruptcy reorganization plan, marking the third such request this year.

In aJuly 8 filing with the U.S. Bankruptcy Court for the Northern District ofAlabama, Southern Division, Walter outlined the progress the company had madein completing its restructuring, including the of its core assets in late March,but stated that it would need more time to complete the process.

Ifthe current deadline is allowed to pass, the company argued, it risked losingcontrol of the reorganization process.

"Ifthe debtors' exclusivity period terminates, any party in interest would be freeto file a plan, which would divert the debtors' limited resources, at asubstantial cost to the estates," Walter wrote.

Thecompany also noted the liquidation of insurance policies and a compensationtrust, as examples of progress in the reorganization process.

Walterpreviously filed for extensions in January and March of this year after filingfor bankruptcyprotection in July 2015.

Walter'snoncore assets weresold to affiliates of ERPCompliant Fuels and the VirginiaConservation Legacy Fund Inc., a conservation organization, inFebruary.