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Foresight Energy Receives Default Notice Under Revolving Credit Agreement

December 11, 2015, 07:18 AM
Filed Under: Industry News

Foresight Energy LP announced that Foresight Energy has received written notice from the Administrative Agent of the Credit Agreement, originally dated as of August 12, 2010, claiming that FELLC is in default under the Credit Agreement as a result of the previously announced opinion of the Delaware Chancery Court.

The Administrative Agent has informed FELLC that it has reserved all its rights and remedies under the Credit Agreement including, but not limited to, the right to: (i) declare the commitment of each lender to make loans and any obligation of letter of credit issuers to make letter of credit extensions terminated; (ii) declare the unpaid amount of all outstanding loans to be immediately due and payable; and (iii) require collateral for all outstanding letter of credit obligations.

Foresight is a leading coal producer in the Illinois basin region of the United States with control of over three billion tons of coal reserves currently supporting four mining complexes. Foresight’s logistics give each of its mining complexes multiple modes of transportation to reach the end-users for its coal, including rail, barge and truck. Foresight serves both the domestic and international markets.

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