St. LOUIS (WSIL) -- Foresight Energy announced Tuesday that it has filed for Chapter 11 bankruptcy and will hand over ownership of the company and its subsidiaries to its creditors.
Foresight operates Mach Mine in northeast Williamson County near Corinth. It also operates the Sugar Camp mining complex in Franklin County near Macedonia. These two mines are among the most productive underground mines in the United States.
Foresight Energy also filed voluntary petitions for relief under Chapter 11 to access $100 million in new financing.
The restructuring plan, which allows the company to stay in business, would cut debt by about $1 billion. This will be done by swapping $1.33 billion of debt for equity.
According to a company statement, Robert Moore, who is also the CEO of Murray Energy, would remain the CEO of Foresight. Moore is the nephew of Robert "Bob" Murray.
Other Illinois mines under Foresight are the Deer Run Mine near Hillsboro and Shay Mine No. 1 near Carlinville. The company also operates the Sitran River Terminal, a terminal on the Ohio River near Evansville, Indiana.
The case is Foresight Energy LP, 20-41308, U.S. Bankruptcy Court for the Eastern District of Missouri (St. Louis).