Xinergy Ltd., a U.S. producer of metallurgical and thermal coal, on Jan. 15 announced the new members of the Board of Directors and executive officers to be appointed upon the company’s anticipated emergence from Chapter 11 bankruptcy in early February.
Jeffrey A. Wilson will serve as President and CEO of the reorganized company. Wilson has recently served as Senior Vice President-Operations for the company and was formerly Interim President of the J.W. Resources companies based in Knoxville, Tenn. He spent almost 20 years with A.T. Massey Coal and five years with James River Coal in various roles in production, engineering, sales, and operations management. Since 2005, he has also been owner and manager of Wilson Energy Advisors LLC, a consultancy specializing in management, property evaluations, and financial analyses related to the mining industry.
Michael R. Castle will continue to serve as Chief Financial Officer of the reorganized company. He has served as the company’s CFO since January 2010 and has more than 24 years’ experience in the coal industry, over 15 of which has been serving as CFO.
The new members of the Board of Directors will include: Wilson: Matthew Cantor, formerly a partner with the law firm of Kirkland & Ellis and founding principal of Normandy Hill Capital; Jacob Mercer, a Senior Portfolio Manager with Whitebox Advisors LLC; Jeffrey Buller, a Managing Director with Spectrum Group Management LLC; and an independent director to be named at a later date.
Upon the effective date of the restructuring, a new holding company, White Forest Resources Inc., will be formed to hold the equity interests of Xinergy.
Xinergy announced in April 2015 that the company and twenty-five subsidiaries filed voluntary petitions for Chapter 11 protection at the U.S. Bankruptcy Court for the Western District of Virginia, Roanoke Division. The company on Jan. 14 filed with the court details about an exit financing facility and the new board members.
Headquartered in Knoxville, Tennessee, Xinergy Ltd., through its wholly owned subsidiary Xinergy Corp. and its subsidiaries, is engaged in coal mining in West Virginia and Virginia. Xinergy sells high quality thermal and metallurgical coal to electric utilities, steelmakers, energy trading firms and industrial companies.