Oil, Gas and Consumable Fuels
Company Overview of New WEI 13, Inc.
New WEI 13, Inc. mines, produces, and ships coal from the Blue Creek seam in Alabama. The company also extracts methane gas from coal seams. It produces coke, slag wool, specialty chemicals, and mineral fibers for use in blast furnaces and foundries; and transports through ductile iron pressure pipes. The company operates deep vertical underground coal mines in Alabama's Black Warrior Coal Basin. New WEI 13, Inc. was formerly known as Jim Walter Resources, Inc. and changed its name to New WEI 13, Inc. in June 2016. The company was founded in 1977 and is headquartered in Brookwood, Alabama. New WEI 13, Inc. operates as a subsidiary of Walter Energy, Inc. On July 15, 2015, New WEI 13, Inc. fil...
16243 Highway 216
Brookwood, AL 35444
Founded in 1977
Key Executives for New WEI 13, Inc.
Chief Financial Officer and Vice President
Vice President of Legal and Human Resources
Vice President of Operations
Director of Public Relations
Director of Marketing and Transportation
Compensation as of Fiscal Year 2016.
New WEI 13, Inc. Key Developments
Motion for Asset Sale Approved for Walter Energy, Inc.
Feb 8 16
The US Bankruptcy Court gave an order approving the sale of certain assets of Walter Energy, Inc. on February 8, 2016. The debtor has been authorized to sell lots 3, 4, 8 and 9 to Seminole Coal Resources, LLC, ERP Compliant COKE, LLC and ERP Environmental Fund, Inc., for a purchase price of $1 in cash and assumption of liabilities. The debtor did not conduct an auction for the same.
Asset Purchase Agreement Filed by Walter Energy, Inc.
Feb 1 16
Walter Energy, Inc. filed a notice in the US Bankruptcy Court stating the asset purchase agreement relating to the sale of its certain assets on February 1, 2016. The debtor signed an asset purchase agreement for the sale of sale of lots 3, 4, 8 and 9 to Seminole Coal Resources, LLC, ERP Compliant COKE, LLC and ERP Environmental Fund, Inc., for a purchase price of $1 in cash and assumption of liabilities on January 31, 2016. Seminole Coal Resources, LLC, ERP Compliant COKE, LLC and ERP Environmental Fund, Inc. are the winning bidders for the assets.
DIP Financing Approved for Walter Energy, Inc.
Jan 28 16
The US Bankruptcy Court gave an order to Walter Energy, Inc. to obtain DIP financing on a final basis on January 28, 2016. As per the order, the debtor has been authorized to obtain a term loan facility in the amount of $50 million from a group of lenders with Citibank, N.A. acting as the administrative agent. The DIP loan would either carry an interest rate of 12% p.a., along with an additional 2% p.a. interest in the event of default. As per the terms of the DIP agreement, the loan carries a commitment fee of 7.5% p.a. The DIP facility would mature either on February 29, 2016 or on the effective date of the plan or on the date of consummation of the sale of substantially all assets or the date of the acceleration of the DIP Loans, whichever is earlier. Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims which is subject to a carve-out of $0.025 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral. The proceeds shall be used for payment of prepetition amounts, working capital and other general corporate needs and for payment of the costs and expenses of administering the Chapter 11 cases.
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