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2020-07-24_GENERAL DOCUMENTS - C1980004
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2020-07-24_GENERAL DOCUMENTS - C1980004
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Last modified
1/8/2025 6:21:48 AM
Creation date
7/27/2020 10:36:57 AM
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Template:
DRMS Permit Index
Permit No
C1980004
IBM Index Class Name
General Documents
Doc Date
7/24/2020
Doc Name Note
Case No. 20-12043 (GRH) Hopedale Mining LLC
Doc Name
Notice of Agenda For Expedited Virtual Hearing on the First Day Motions Scheduled for July 24, 2020
To
DRMS
Permit Index Doc Type
General Correspondence
Email Name
JRS
JDM
GRM
CMM
CCW
Media Type
D
Archive
No
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Case 1:20-bk-12043 Doc 3 Filed 07/22/20 Entered 07/22/20 17:38:25 Desc Main <br /> Document Page 31 of 42 <br /> 74. The Surety Bonds were originally negotiated between the Issuer and non-debtor <br /> entity Royal Energy Resources, Inc. ("Royal"). Royal was able to secure excellent terms for the <br /> Surety Bonds, including that Debtors are required to maintain cash collateral of 7.5% of the total <br /> outstanding Surety Bonds, which is low for the coal industry. The Debtors pay Royal an annual <br /> fee for brokering the deal between Debtors and the issuer. <br /> 75. The Debtors have provided cash collateral in an amount of approximately <br /> $3,000,000.00 in support of their Surety Bonds. The Debtors are required to maintain cash <br /> collateral of 7.5% of the total outstanding Surety Bonds, with slight variation on the percentage <br /> from time to time. <br /> 76. The Debtors pay premiums for the Surety Bonds, which premiums generally are <br /> determined annually and are paid by the Debtors to the issuer of the Surety Bonds at issuance <br /> and annually thereafter. The Debtors pay approximately $800,000.00 in annual premiums on <br /> account of the Surety Bonds and the Debtors owe approximately $81,228.00 in outstanding <br /> premiums. <br /> 77. To secure their obligations under the Surety Bonds, the Debtors have entered into <br /> a number of such indemnity agreements (the "Indemnity Agreements"). Pursuant to the <br /> Indemnity Agreements, the Debtors have agreed to indemnify certain parties from any loss, cost, <br /> damage or expense they may incur by reason of their execution of any bonds. <br /> 78. It is essential to the Debtors' operations that they maintain their Surety Bond <br /> Program on an ongoing and uninterrupted basis. The non-payment of obligations under the <br /> Surety Bond Program could result in the issuer attempting to terminate, declining to renew or <br /> refusing to enter into Surety Bonds with the Debtors in the future. If any Surety Bonds lapse <br /> without renewal, or if the Debtors are unable to obtain new Surety Bonds for certain purposes, <br /> 31 <br />
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