February 17, 2018 2:46 PM ET

Oil, Gas and Consumable Fuels

Company Overview of ICG Knott County, LLC

Company Overview

As of April 12, 2016, ICG Knott County, LLC operates as a subsidiary of Quest Energy Inc.

300 Corporate Centre Drive

Scott Depot, WV 25560

United States

Founded in 2004

Phone:

304-760-2400

Key Executives for ICG Knott County, LLC

ICG Knott County, LLC does not have any Key Executives recorded.

ICG Knott County, LLC Key Developments

Final DIP Financing Approved for Arch Coal Inc.

The US Bankruptcy Court gave an order to Arch Coal Inc. to obtain DIP financing on a final basis on February 25 15, 2016. As per the order, the debtor has been authorized to obtain a delayed-draw term loan in the amount of $275 million from a syndicate of financial institutions with Wilmington Trust, National Association acting as the administrative agent. The DIP loan would either carry an interest rate of LIBOR plus 9% p.a., with a LIBOR floor of 1% p.a or an alternate base rate plus 8% p.a. As per the terms of the DIP agreement, the loan carries a commitment fee and an unused line fee of 5% p.a. each. The facility also carries a commitment termination fee of 1% p.a. The DIP facility would mature either on January 31, 2017 or on the effective date of the plan or on the date of consummation of the sale of substantially all assets, 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 $10.05 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral. The DIP proceeds shall be used for general corporate and working capital purposes and to pay for fees and expenses associated with the DIP credit agreement.

Bidding Procedure Approved for Arch Coal Inc.

The US Bankruptcy court approved the procedures relating to the sale of de-minimis assets of Arch Coal Inc. on February 24, 2016. As per the order, debtor has been authorized to sell assets with transaction value of less than or equal to $2 million without further notice or hearing on the sale. For the assets having assets value of between $2 million to $7.5 million, debtor will file a notice of sale which would contain information about the assets being sold, purchase price and buyer. And for the assets having value of greater than $7.5 million, the debtor will file motion for sale in the Court.

Motion for Asset Sale Approved for Arch Coal Inc.

The US Bankruptcy Court approved the sale of certain assets of Arch Coal Inc. on February 24, 2016. As per the order, debtor has been authorized to sell its membership interests in ICG Knott County, LLC to Quest Energy, Inc. for $2.3 million in cash plus estimated closing liabilities pursuant to the asset purchase agreement dated September 16, 2015.

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