Happy Holidays From Aurora!
December 14, 2020John Magee, Director, Featured in Journal of Corporate Renewal
April 7, 2021FM Coal Successfully Emerges from Chapter 11 Bankruptcy Under Aurora’s Leadership
On March 15th, 2021, FM Coal LLC (along with its subsidiaries Best Coal, Inc, Cane Creek, LLC, Cedar Lake Mining, Inc, M.S.&R. Equipment Co., Inc) emerged from Chapter 11 bankruptcy in the Northern District of Alabama of the United States Bankruptcy Court (case #: 20-02783) after the Court confirmed the Second Amended Joint Plan of Reogranization on March 10, 2021. The plan was supported by 100% of bank lenders and 92% of unsecured creditors.
The Aurora team advising the FM Coal business includes David Baker, Managing Partner, Tim Turek, Senior Managing Director, Travis Grody, Senior Consultant, and Bobby Corsentino, Consultant. Aurora was engaged by the Company in November 2019.
Reorganized FM Coal emerged with an improved balance sheet by eliminating $32 million of senior debt and over $14 million of trade debt. The company completed the reorganization without the assistance of Debtor in Possession financing.
FM Coal LLC filed for Chapter 11 bankruptcy protection on September 1st, 2020 with Aurora Management Partners named Financial Advisor to the debtors. Formed in 2017, FM Coal is engaged in the business of extracting, processing and marketing metallurgical coal and thermal coal from surface mines. The Debtors’ customers include steel and coke producers, industrial customers and electric utilities. Headquartered in Jasper, AL, FM Coal currently has three operational mines in Jefferson County and Walker County, Alabama.