According to the U.S. Bankruptcy Court docket, Alpha Natural Resources filed a Joint Plan of Reorganization and related Disclosure Statement, which explains, “In accordance with the terms of the First Lien Lender Settlement, unless otherwise agreed by a Claim holder and the applicable Debtor or Reorganized Debtor, each holder of an Allowed Secured First Lien Lender Claim will receive the holder’s Pro Rata share of the First Lien Lender Distribution.”
The Disclosure Statement continues, “Unless otherwise agreed by a Claim holder and the applicable Debtor or Reorganized Debtor, each holder of an Allowed Secured Second Lien Noteholder Claim will receive the holder’s Pro Rata share of the Second Lien Noteholder Distribution….On the Effective Date, and on each Distribution Date thereafter, each holder of an Allowed General Unsecured Claim will receive a Pro Rata share of any assets contributed to the General Unsecured Claims Asset Pool.”
The Disclosure Statement further notes, “On the Effective Date, the Old Common Stock of ANR and all Interests related thereto will be canceled, and holders of Old Common Stock of ANR Interests will not receive any Distribution pursuant to the Plan….On or prior to the Effective Date, ReorgCo Trust shall be established pursuant to the ReorgCo Trust Agreement. On the Effective Date, all shares of New ANR Common Stock issued pursuant to the Plan shall be transferred to ReorgCo Trust, which transfer shall constitute a Restructuring Transaction within the meaning of Section IV.B.1 of the Plan.”
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