December 14, 2017 10:41 AM ET

Oil, Gas and Consumable Fuels

Company Overview of Xinergy Ltd.

Company Overview

Xinergy Ltd., through its subsidiaries, is engaged in thermal and metallurgical coal mining activities in the Central Appalachian regions of West Virginia and Virginia. The company leases or owns the mineral rights to approximately 73,000 acres in West Virginia, which includes Raven Crest, a leased 12,000 acre thermal surface mining operations area; Brier Creek mine, a leased 13,000 acre thermal underground mining operation; South Fork, a 35,800 acre leased metallurgical mining operations area; and Sewell Mountain, with approximately 12,500 acres of mineral ownership. It also holds interests in True Energy metallurgical surface mining operation that covers approximately 1,000 acres in Wise C...

8351 East Walker Springs Lane

Suite 400

Knoxville, TN 37923

United States

145 Employees

Phone:

865-474-7000

Key Executives for Xinergy Ltd.

Chief Executive Officer, President and Director
Age: 60
Chief Financial Officer
Age: 57
Executive Vice President
Vice President
Age: 45
Senior Mining Engineer
Compensation as of Fiscal Year 2017.

Xinergy Ltd. Key Developments

Xinergy Ltd. Deleted From Other OTC

Xinergy Ltd. ordinary shares (Canada) deleted from Other OTC, effective February 17, 2016. The deletion was due to bankruptcy plan effective/shares cancelled.

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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Recent Private Companies Transactions

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