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Walter Energy Bankruptcy Sale Approved

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According to the U.S. Bankruptcy Court docket, the Court approved Walter Energy’s motion for an order (i) approving the sale of the acquired assets free and clear of claims, liens, interests and encumbrances; (ii) approving the assumption and assignment of certain executory contracts and unexpired leases and (iii) granting related relief.

As previously reported, “Walter Energy entered into and filed with the Court an asset purchase agreement (APA) with a newly-formed entity capitalized and owned by members of the Company’s senior lender group, pursuant to which the new company will acquire substantially all of Walter Energy’s Alabama assets. Specifically, the APA contemplates, among other things, cash consideration of $5.4 million, a $1.25 billion credit bid of existing indebtedness and the assumption of certain liabilities.”

Read more Walter Energy bankruptcy news.