Coal producer Xinergy emerges from bankruptcy with new name

­Xinergy Corp., a U.S. producer of metallurgical and thermal coal, on Feb. 11 announced that it has successfully completed its financial restructuring and has emerged from Chapter 11 protection at the U.S. Bankruptcy Court for the Western District of Virginia.

The effective date of the reorganization plan was Feb. 10. The reorganized company has been renamed White Forest Resources Inc.

The reorganized company has also entered into a new credit facility (the “Exit Facility”) providing additional liquidity under a new first lien term loan. With a strengthened balance sheet and the liquidity provided under the Exit Facility, the reorganized company said it is well positioned to continue operations for the foreseeable future and leverage its low cost structure in an improving market for Central Appalachian coal. 

Jeffrey A. Wilson will serve as President and CEO of the reorganized company. Michael R. Castle will continue as the 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 Seth Schwartz, the President of consulting firm Energy Ventures Analysis.

Headquartered in Knoxville, Tennessee, White Forest Resources, through its wholly owned subsidiary Xinergy Corp. and its subsidiaries, is engaged in coal mining in West Virginia and Virginia. The company sells high quality thermal and metallurgical coal to electric utilities, steelmakers, energy trading firms and industrial companies.

About Barry Cassell 20414 Articles
Barry Cassell is Chief Analyst for GenerationHub covering coal and emission controls issues, projects and policy. He has covered the coal and power generation industry for more than 24 years, beginning in November 2011 at GenerationHub and prior to that as editor of SNL Energy’s Coal Report. He was formerly with Coal Outlook for 15 years as the publication’s editor and contributing writer, and prior to that he was editor of Coal & Synfuels Technology and associate editor of The Energy Report. He has a bachelor’s degree from Central Michigan University.