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2016-04-14_GENERAL DOCUMENTS - C1992081 (5)
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2016-04-14_GENERAL DOCUMENTS - C1992081 (5)
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Last modified
8/24/2016 6:20:46 PM
Creation date
4/18/2016 12:14:16 PM
Metadata
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Template:
DRMS Permit Index
Permit No
C1992081
IBM Index Class Name
General Documents
Doc Date
4/14/2016
Doc Name
Motion of the Debtors And Debtors in Possession
From
United State Bankruptcy Court
To
Drms
Permit Index Doc Type
General Correspondence
Email Name
MPB
JRS
JHB
Media Type
D
Archive
No
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Case 16-42529 Doc 23 Filed 04/13/16 Entered 04/13/16 11:20:44 Main Document <br />Pg 5 of 32 <br />jeopardize the Debtors' businesses by causing them to be in violation of applicable law, <br />preventing them from continuing mining operations and disrupting the provision of benefits to <br />their employees, among other things. <br />The Debtors' Third -Party Surely Bonds <br />10. As of March 31, 2016, the Debtors had approximately $538.0 million in <br />outstanding Third -Party Surety Bonds. Approximately $337.4 million in aggregate amount of <br />the Third -Party Surety Bonds have been provided by the Debtors to various Governmental <br />Authorities to secure certain reclamation obligations of the Debtors (the "Reclamation <br />Obli atg ions") in relation to their mining operations, especially those operations that are surface <br />mining operations. Other categories of Third -Party Surety Bonds issued on behalf of the Debtors <br />include (but are not limited to) lease bonds, prospecting bonds, road bonds, performance bonds <br />and workers' compensation bonds. <br />11. The Debtors pay premiums (the "Bond Premiums") for the Third -Party <br />Surety Bonds, which premiums generally are determined annually and are paid by the Debtors to <br />the Issuers of the Surety Bonds at or near inception and annually thereafter during the month of <br />renewal. The Debtors currently pay approximately $5.1 million in annual Bond Premiums. The <br />Debtors estimate that, as of the Petition Date, they owe approximately $1.3 million in unpaid <br />Bond Premiums. <br />12. In addition, the Debtors are party to a number of agreements (collectively, <br />the "Indemnity Agreements"), pursuant to which the Debtors are required to indemnify the <br />applicable Issuer as a condition to the issuance of the bond. Pursuant to the Indemnity <br />Agreements, the Debtors have generally agreed to indemnify the Issuers and certain related <br />parties from any loss, cost, damage or expense they may incur by reason of their execution of <br />any Surety Bonds on behalf of the Debtors. By this Motion, the Debtors seek the authority, but <br />-5- <br />
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