ARTICLE · 04 MAY 2017

Foresight Energy Refinancing Results In Big Win For Stroock's Clients

Stroock & Stroock & Lavan LLP

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Due to a combination of factors, including a winning litigation strategy and execution thereon, noteholders represented by Stroock and Houlihan Lokey in the Foresight Energy situation...

United StatesLitigation, Mediation & Arbitration

Jayme Goldstein

Matthew Schwartz

Lucas Charleston

Daniel Ginsberg

Christopher Guhin

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Due to a combination of factors, including a winning litigation strategy and execution thereon, noteholders represented by Stroock and Houlihan Lokey in the Foresight Energy situation, whose notes traded as low as 70% of par, recently benefited from a redemption at par plus a make-whole premium. Noteholders also received and still hold warrants that could have significant value. All in, the Foresight matter was a huge victory for the noteholders and a case study in how pushing back on an issuer's overreach can pay large dividends.

This Stroock Special Bulletin details how that victory was achieved.

Chancery Court Litigation

In early 2015, the founder of Foresight Energy LP (together with its subsidiaries, "Foresight"), Christopher Cline, agreed to sell control of Foresight to a competitor, Murray Energy Corporation ("Murray Energy"). Foresight and Murray Energy attempted to structure the sale to avoid triggering the change of control provision contained in the

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