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New <br />(b) Cline is currently in default of its 2011 series 10% senior secured notes (the "2011 <br />Notes ") as well as its 2013 series 10% senior secured notes (the "2013 Notes ", <br />and collectively with the 2011 Notes, the "Secured Notes "), each of which are <br />guaranteed by both New Elk and North Central. As of December 1, 2014, total <br />obligations of $110,173,897, including principal and interest, are owed in respect <br />of the Secured Notes; <br />(c) the Secured Notes matured on June 15, 2014. In connection therewith, several <br />forbearance agreements were entered into between Computershare (the <br />I "Trustee "), in its capacities as the trustee for each of the 2011 Notes and the 2013 <br />Notes, Cline, New Elk and North Central. Such forbearance agreements expired <br />on November 28, 2014 and have not been extended. Marret manages and <br />exercises sole discretion and control on behalf of all noteholders (the "Secured <br />Noteholders ") relating to the Secured Notes and all of the Secured Notes are held <br />by beneficial owners whose investments are managed by Marret. On December <br />2, 2014, Marret confirmed that the Secured Noteholders had given instructions to <br />the Trustee to accelerate the Secured Notes. Accordingly, the Trustee is in a <br />position to enforce on the security over the 2011 Notes and the 2013 Notes in the <br />near term; <br />(d) the Applicants completed the Equipment Sale, as defined and described further in <br />the First Report, on December 19, 2014. By way of the Equipment Sale, certain <br />redundant and surplus equipment was sold to Foresight Energy Services, LLC for <br />US$622,000; <br />