July 2, 2020 - Murray Energy Holdings Co. has reached a settlement with affiliate Foresight Energy LP to resolve all claims as they advance in their respective bankruptcy proceedings, the coal miner said.

Foresight, which mines coal from complexes located in the Illinois Basin, will pay the reorganized Murray $6 million in cash, Murray said Tuesday in filings with the U.S. Bankruptcy Court for the Southern District of Ohio. Foresight also will pay $14 million per year in quarterly installments to the reorganized Murray for at least two years, Murray said.

The settlement resolves issues arising from Murray’s soon-to-be-canceled equity ownership of Foresight.