Westmoreland Coal Company – Files Amended Plan and Disclosure Statement

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December 14, 2018 – Westmoreland Coal Company filed a Joint Chapter 11 Plan [Docket No. 788] and related Disclosure Statement [Docket No. 789] with blacklines to show changes from the versions filed on October 25, 2018 [Docket Nos. 294 and 293, respectively].
 
The following is an updated summary of classes, claims, voting rights and expected recoveries:
 
  • Class 1 (“Other Priority Claims”) is unimpaired, deemed to accept and not entitled to vote on the Plan. The estimated aggregate amount of claims is $0 and the estimated recovery is 100%.
  • Class 2 (“Other Secured Claims”) is unimpaired, deemed to accept and not entitled to vote on the Plan. The estimated aggregate amount of claims is $11.9mn and the estimated recovery is 100%.
  • Class 3 (“First Lien Secured Claims”) is unimpaired, deemed to accept and not entitled to vote on the Plan. The estimated aggregate amount of claims is $390.0mn to $670.0mn and the estimated recovery is 100%.
  • Class 4 (“General Unsecured Claims”) is impaired and entitled to vote on the Plan. The estimated aggregate amount of claims is $740.0mn to $930.0mn and the estimated recovery is 0%.
  • Class 5 (“Intercompany Claims”) is impaired/unimpaired, deemed to accept/reject and not entitled to vote on the Plan. The estimated aggregate amount of claims is N/A and the estimated recovery is 0 to 100%.
  • Class 6 (“Intercompany Interests”) is impaired/unimpaired, deemed to accept/reject and not entitled to vote on the Plan. The estimated aggregate amount of claims is N/A and the estimated recovery is 0 to 100%.
  • Class 7 (“Section 510(b) Claims”) is impaired and entitled to vote on the Plan. The estimated aggregate amount of claims is N/A and the estimated recovery is 0%.
  • Class 8 (“WCC Interests”) is impaired and entitled to vote on the Plan. The estimated aggregate amount of claims is N/A and the estimated recovery is 0%.
 
The following Exhibits were also filed with the Disclosure Statement:
 
  • Exhibit A: Joint Chapter 11 Plan of Westmoreland Coal Company and Certain of Its Debtor Affiliates
  • Exhibit B: Stalking Horse Purchase Agreement
  • Exhibit C: Restructuring Support Agreement

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