Trinity Coal Corporation Announces Successful Restructuring and Emergence from Chapter 11 Bankruptcy

Trinity Coal Corporation and 15 of its affiliates (“Trinity” or the “Company”) announced their successful reorganization and emergence from bankruptcy on January 31, 2014, upon the occurrence of the effective date of their Chapter 11 Plan of Reorganization. Trinity, with coal mining operations in Kentucky and West Virginia, will continue its operations upon emergence. Curtis, Mallet-Prevost, Colt & Mosle LLP served as Trinity's bankruptcy lawyers.

Trinity successfully resolved more than US$325 million of claims under its Plan, which includes a capital infusion of more than US$150 million by affiliates of Trinity's ultimate parent company, Essar Global Fund Limited (“Essar”). Essar received 100% of the common equity of the reorganized company under the Plan, and all secured, administrative and priority claims will be paid in full or voluntarily compromised. Holders of allowed general unsecured claims are expected to receive from $0.15 to $0.25 on the dollar pursuant to Trinity's disclosure statement.

The consensus achieved over the course of the Chapter 11 cases contrasts with the prevailing acrimony when the involuntary bankruptcy cases were filed in February 2013 by certain of Trinity's vendors and secured lenders in the U.S. Bankruptcy Court for the Eastern District of Kentucky. Trinity was able to garner acceptance of the Plan by 96% of the creditors who voted, representing more than $326 million of claims in the aggregate.

Trinity's financial advisor and investment banker, Moelis & Company, guided Trinity through the complex restructuring and was responsible for structuring and implementing Trinity's financial reorganization. The Moelis & Company team was led by Managing Directors Jared J. Dermont and Mark W. Henkels, Senior Vice Presidents Bassam Latif and Carlo De Girolamo, Vice President Rahul Katoria, and Associates Gregory Doyle and Andrew Swift.

The Curtis team included L.P. Harrison, 3rd, and associate Dienna Chingand from the firm's Restructuring and Insolvency Group; partner Evan S. Borenstein, counsel Joshua S. Geller, and associate Danny Philips from the firm's Corporate Group; partners Turner P. Smith and Jonathan J. Walsh from the firm's Litigation Group, and partner Eduardo A. Cukier and associates Thomas Reilly and Sarah E. Ryan from the firm's Tax Group.

Curtis, Mallet-Prevost, Colt & Mosle LLP is a leading international law firm providing a broad range of services to clients around the world. Curtis has 15 offices in the United States, Latin America, Europe, the Middle East and Central and East Asia. The firm's international orientation has been a hallmark of its practice for nearly two centuries. For more information about Curtis, please visit www.curtis.com.