March 26, 2017 8:02 AM ET

Oil, Gas and Consumable Fuels

Company Overview of Xinergy Corp.

Company Overview

Xinergy Corp. produces and supplies thermal and metallurgical coal to electric utilities, steelmakers, and industrial companies. Its operations/assets include Straight Creek (thermal) in Bell County and Harlan County, Kentucky; Raven Crest/Brier Creek (thermal) in Boone County, West Virginia; South Fork Coal (mid- volatility metallurgical) in Greenbrier County, West Virginia; and True Energy (high-volatility metallurgical) in Wise County, Virginia. The company was founded in 2008 and is based in Knoxville, Tennessee with operations in Central Appalachia. Xinergy Corp. operates as a subsidiary of Xinergy Ltd.

8351 East Walker Springs Lane

Suite 400

Knoxville, TN 37923

United States

Founded in 2008

Phone:

865-474-7000

Fax:

865-474-7020

Key Executives for Xinergy Corp.

Chief Executive Officer and President
Age: 64
Chief Financial Officer
Age: 56
Director of Investor Relations
Vice President of Sales & Mining Operations - South
Age: 52
Director of Safety, Health & Training
Compensation as of Fiscal Year 2016.

Xinergy Corp. Key Developments

White Forest Resources, Inc. Enters into a New Credit Facility; Announces Management Changes

Xinergy Corp. has announced that it has successfully completed its financial restructuring and has emerged from Chapter 11 bankruptcy, following confirmation of the First Amended Joint Chapter 11 Plan of Reorganization of Xinergy Ltd. and Its Subsidiary Debtors and Debtors in Possession (the "Plan") by the United States Bankruptcy Court for the Western District of Virginia. The effective date of the Plan occurred on February 10, 2016 (the "Effective Date"). The reorganized company has been renamed White Forest Resources Inc. On the Effective Date, the reorganized company also entered into a new credit 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 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 to serve the reorganized company as its CFO. The new members of the Board of Directors will include Mr. 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 Energy Ventures Analysis Inc.

Motion for Asset Sale Approved for Xinergy Ltd.

The US Bankruptcy Court gave an order approving the sale of substantially all the assets of True Energy, LLC on January 29, 2016. The debtor has been authorized to sell substantially all the assets of its affiliate to A & G Coal Corporation for a purchase price of $0.13 million in cash. The debtor did not receive any other competing bids for the purchase of its assets and therefore A & G Coal Corporation emerged as the winning bidder.

First Amended Reorganization Plan Approved for Xinergy Ltd.

The US Bankruptcy Court approved the amended plan of reorganization of Xinergy Ltd. on January 27, 2016. The debtor filed its first amended plan in the Court on October 14, 2015. As per the amended plan, administrative claims, statutory fees, professional claims of $0.5 million, priority tax claims and DIP facility claims of $45 million shall be paid in full in cash. Other secured claims of $0.04 million shall be paid in full in cash and senior secured note claims of $65.5 million shall receive a pro rata share of the debtor’s new common stock. General Unsecured Claims including senior note deficiency claims of $141.6 million will receive a lesser of $0.2 million or 4% of the allowed amount. Intercompany claims and interests of $280.39 million shall be reinstated. All the interests in Xinergy Ltd. shall be cancelled and shall receive no distribution under the plan. The debtor does not have any Section 510(b) claims. The plan shall be funded from debtor’s cash and cash equivalents of $8.17 million and issue of new common stock. The exit facility may have a maximum principal amount of $10 million.

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