The company has also reached an agreement to obtain a
Rhino filed a motion on
As required by the Bankruptcy Code, Rhino is required to pay its costs of operation incurred after the petition date and is seeking court approval to:
- Continue employee wages and benefits without interruption; and
- Pay for goods and services provided to the company during the bankruptcy process.
Rhino has made customary filings with the court, including first-day motions, to help ensure an orderly transition into Chapter 11 while minimizing business disruption. The motions are expected to be addressed by the court soon. The company’s restructuring counsel is
Court filings and other documents related to the reorganization proceedings are available on a separate website administered by the company's claims agent,
As previously announced, Rhino terminated the registration of its common units under Section 12(g) of the Securities Exchange Act of 1934, as amended (“Exchange Act”) and suspended its
About
Forward Looking Statements
Except for historical information, statements made in this press release are “forward-looking statements.” All statements, other than statements of historical facts, included in this press release that address activities, events or developments that Rhino expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements are based on Rhino’s current expectations and beliefs concerning future developments and their potential effect on Rhino’s business, operating results, financial condition and similar matters. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting Rhino will turn out as Rhino anticipates. Whether actual results and developments in the future will conform to expectations is subject to significant risks, uncertainties and assumptions, many of which are beyond Rhino’s control or ability to predict. Therefore, actual results and developments could materially differ from Rhino’s historical experience, present expectations and what is expressed, implied or forecast in these forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, the following: Rhino’s ability to successfully complete a sale process under Chapter 11; potential adverse effects of the Chapter 11 cases on Rhino’s liquidity and results of operations; Rhino’s ability to obtain timely approval of its motions in the Chapter 11 cases, and the outcome of the Chapter 11 cases generally; objections to Rhino’s sale process, debtor-in-possession financing order or other pleadings that could protract the Chapter 11 cases; employee attrition and Rhino’s ability to retain senior management and other key personnel during the Chapter 11 cases; the effects of the bankruptcy petitions on Rhino and on the interests of its various constituents, including holders of Rhino’s equity interests; the length of time that Rhino will operate under Chapter 11 protection and the continued availability of operating capital during the pendency of the proceedings; Rhino’s ability to comply with restrictions imposed by the debtor-in-possession financing and other financing arrangements; and increased administrative and legal costs related to the Chapter 11 process and other litigation and inherent risks involved in a bankruptcy process.
Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Rhino undertakes no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, unless required by law.
Investor Contact:
+1 859.519.3622
smorris@rhinolp.com
Source:
2020 GlobeNewswire, Inc., source