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Westmoreland Coal subsidiary, lenders extend waiver of default

Westmoreland Resource Partners LP and its subsidiary Oxford Mining Co. LLC entered into a waiver and amendment with lenders to its financing agreement dated Dec. 13, 2014, to extend the waiver of any actual or potential default until June 15.

All parties agreed to extend the waiver of default that arose from the loan parties' failure to deliver an unqualified audit opinion in connection with the audited financial statements for the fiscal year ended Dec. 31, 2017.

S&P Global Ratings lowered the Appalachian coal producer's debt rating to CC from CCC, with a recovery rating unchanged at 4, in March after the company announced it is exploring a restructuring transaction that would transfer collateral to its term-loan lenders.

Westmoreland Resource Partners is a master limited partnership of Westmoreland Coal Co., which notified investors April 2 that it may seek Chapter 11 bankruptcy protection or be subject to an involuntary petition for bankruptcy, and said its auditors have expressed "substantial doubt" about the company's ability to continue as a going concern.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global Inc. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news brief can be found here.