ST. LOUIS--(BUSINESS WIRE)--Foresight Energy LP (NYSE: FELP) (“we,” “us,” “our,” “Foresight,” or the “Partnership”) today announced that Foresight Energy LLC (“FELLC”) has received written notice from the Administrative Agent of the Credit Agreement, originally dated as of August 12, 2010 (the “Credit Agreement), 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.
Forward-Looking Statements
This press release contains “forward-looking” statements within the meaning of the federal securities laws. These statements contain words such as “possible,” “intend,” “will,” “if” and “expect” and can be impacted by numerous factors, including risks relating to the securities markets generally, the impact of adverse market conditions affecting business of Foresight, adverse changes in laws including with respect to tax and regulatory matters and other risks. There can be no assurance that actual results will not differ from those expected by management of Foresight. Foresight undertakes no obligation to update or revise such forward-looking statements to reflect events or circumstances that occur, or which it becomes aware of, after the date hereof.
About Foresight Energy LP
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.
