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Bloomberg
Murray Energy Corp allegedly violated a bankruptcy financing agreement after manipulating financial information, according to court papers filed by one of its lenders.
GACP Finance, owed some $90 million under a loan tied up in Murray Energy’s bankruptcy financing package, delivered a notice of default to the coal miner, court papers show. The lender alleges Murray improperly included non-coal receivables in a financial report in an attempt to remain compliant with a credit agreement.
The lender is seeking a court order barring anyone from interfering with its ability to freeze the Murray Energy bank accounts that serve as collateral for its loan.