New York, September 24, 2015 -- Moody's Investors Service assigned a B1 rating to the $300 million debtor-in-possession (DIP) term loan entered into by Alpha Natural Resources Inc. (DIP) (Alpha) as part of the approximately $691 million DIP facilities initiated to provide the company with the necessary liquidity as it goes through the Chapter 11 restructuring process. The rating primarily reflects the collateral coverage available to the DIP lenders under the term loan and the structural features of the DIP facilities. The term loan is secured by substantially all assets of the company, includes a super priority claim under the Bankruptcy Code, and has upstream secured guarantees from all of Alpha's material domestic subsidiaries. The bankruptcy court approved the execution of the DIP facilities in its final debtor-in-possession order on September 17, 2015. The rating also considers the size of the DIP facilities as a percentage of pre-petition debt and the nature of the bankruptcy and reorganization. The company and certain of its wholly-owned subsidiaries filed for relief under Chapter 11 of the U.S. Bankruptcy Code in the Bankruptcy Court for the Eastern District of Virginia in Richmond on August 3, 2015.

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