The US Bankruptcy Court approved the amended plan of reorganization of Westmoreland Coal Company on March 2, 2019. As per the approved plan, administrative claims, US Trustee fees, professional compensation, priority tax claims and other secured claims of $11.9 million will be paid in full in cash. DIP facility claims of $110 million will be converted into new first lien debt.

First lien secured claims in the range of $390 million to $670 million will be paid pro-rata share of purchaser stock, new second lien debt and non-core assets sale proceeds. Holders of First Lien deficiency claims will waive, or will be deemed to have waived, any recovery or distribution on account of its claim. General unsecured claims in the range of $740 million to $930 million will receive nothing.

WLB Intercompany claims will be re-characterized as WLB Intercompany Interests. Intercompany interests will be reinstated. WCC interests and section 510(b) claims shall be cancelled.

Plan will be funded through available cash in hand, purchaser stock, new first and second lien debts and sale proceeds.