June 28, 2017 1:36 AM ET

Oil, Gas and Consumable Fuels

Company Overview of Raven Crest Minerals, LLC

Company Overview

Raven Crest Minerals, LLC explores and products coal minerals. The company was incorporated in 2006 and is based in Ashford, West Virginia. Raven Crest Minerals, LLC operates as a subsidiary of Xinergy Ltd.

1295 Ashford Hill Road

Ashford, WV 25009

United States

Founded in 2006

Key Executives for Raven Crest Minerals, LLC

Raven Crest Minerals, LLC does not have any Key Executives recorded.

Raven Crest Minerals, LLC Key Developments

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.

Notice of Cancellation of Auction and Selection of Successful Bidder Filed by Xinergy Ltd.

Xinergy Ltd. filed a notice of cancellation of auction in the US Bankruptcy Court on January 19, 2016. As per the notice filed, the debtor received only one qualified bid for the True Energy Assets by the bid deadline of January 14, 2016 and the auction scheduled for January 19, 2016 has been cancelled. The debtor has selected A & G Coal Corporation as the successful bidder for substantially all of the assets of True Energy for a purchase price of $0.13 million. The hearing for sale approval has been scheduled for January 21, 2016.

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