We have discussed many of these factors in more detail in our Annual Report on Form 10-K for the year ended December 31, 2019, including under the heading “Risk Factors” in Item 1A. Foresight Energy LP ("Foresight" or the "Partnership") (OTC Pink: FELPQ) today reported financial and operating results for the first quarter ended March 31, 2020. Statements contained in this press release, and oral statements made from time to time by our representatives, that express a belief, expectation or intention, as well as those that are not historical fact, are forward-looking statements made in good faith that are subject to risks, uncertainties and assumptions. Foresight’s operations are strategically located near multiple rail and river transportation access points, providing transportation cost certainty and flexibility to direct shipments to the domestic and international markets. A wave of U.S. miners have filed for Chapter 11 in recent years, including Murray Energy Corp., which owns a controlling stake in Foresight. With the resumption of longwall mining at Hillsboro, Foresight has idled continuous miner production at its Macoupin complex. Foresight Autonomous Holdings Ltd., an innovator in automotive vision systems (Nasdaq and TASE: FRSX), today More than 400 energy-related companies went bust between 2015 and the end of 2019, according to law firm Haynes & Boone.Holders of 69% of Foresight’s first-lien loans and 82% of its second-lien notes have agreed to support Foresight’s bankruptcy plan, Moore said. Foresight also will pay $14 million per year in quarterly installments to the reorganized Murray for at least two years, Murray said.The settlement resolves issues arising from Murrayâs soon-to-be-canceled equity ownership of Foresight, the... Foresight Energy is a Leading Producer of Thermal Coal With nearly 2.1 billion tons of coal reserves, we are among the largest holders of coal reserves in the United States and our reserves can support over 75 years of production at our current production level. Foresight Energy is a Leading Producer of Thermal Coal With nearly 2.1 billion tons of coal reserves, we are among the largest holders of coal reserves in the United States and our reserves can support over 75 years of production at our current production level. These factors are not necessarily all the important factors that could affect us. In addition, our actual results could be affected by the risks and uncertainties relating to the Plan, including but not limited to, (i) the ability of the Company and its subsidiaries to achieve the expected benefits of the transactions contemplated by the Plan, (ii) the effects of the Company’s bankruptcy on the Company and on the interests of various constituents, (iii) the Company’s ability to maintain customer and/or vendor relationships that are essential to the Company’s operations, and (iv) the Company’s ability to retain key executives and employees.
Foresight Energy LP (“Old Foresight”) announced today that it has consummated its chapter 11 plan of reorganization (the “Plan”). Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions, future events or performance (often, but not always identifiable by the use of the words or phrases such as “will result,” “expects to,” “will continue,” “anticipates,” “plans, “intends,” “estimated,” “projects,” “target,” “goal,” and “outlook”) are not historical facts and may be forward-looking and, accordingly, such statements involve estimates, assumptions and uncertainties which could cause actual results to differ materially from those expressed in these forward-looking statements. Updates with bankruptcy plan information, starting in the first paragraph We look forward to the future under our new ownership and capital structure,” said Robert D. Moore, Chief Executive Officer. These forward-looking statements are based on our current beliefs, intentions, and expectations. Foresight is headquartered in St. Louis, Missouri. The company hasn’t posted an annual profit since 2014 Fifteen years ago, coal accounted for more than half of all U.S. power generation. Our actual results, performance or achievements could differ materially from those we express in the foregoing discussion as a result of a variety of factors. Foresight Energy LP, Foresight Energy GP LLC, and Foresight Energy LLC will be dissolved. Other unpredictable or unknown factors could also have material adverse effects on actual results of matters that are the subject of our forward-looking statements. To find out more, read our updated privacy policy and cookie policy. Foresight, which mines coal from complexes located in the Illinois Basin, will pay the reorganized Murray $6 million in cash, Murray said Tuesday in filings with the U.S. Bankruptcy Court for the Southern District of Ohio. Holders of Old Foresight’s limited partnership units received no recovery under the Plan. To learn more about a subscription Foresight Energy LP (Debtor-In-Possession) Unaudited Consolidated Balance Sheets (In Thousands) March 31, December 31, 2020 2019 Assets Current assets: Cash and cash equivalents $ 61,300 $ 33,905 Accounts receivable 13,289 19,241 Due from affiliates, net of reserve 16,962 23,131 The plan would leave Foresight with just $225 million in new secured debt, Chief Executive Officer Robert D. Moore said in a court declaration.Moore, who is also the CEO of Murray Energy and is Robert Murray’s nephew, would remain the chairman of Foresight, according to a Foresight, founded by the late billionaire Christopher Cline, signaled it was in trouble when it While Foresight has been struggling for years, its bankruptcy filing comes as investors have become skeptical about the credit quality of U.S. energy companies after a crash in oil prices. Murray Energy Holdings Co. has reached a settlement with affiliate Foresight Energy LP to resolve all claims as they advance in their respective bankruptcy proceedings, the coal miner said. All forward-looking statements speak only as of the date on which they are made and we undertake no obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
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