DALLAS, July 28, 2015 /PRNewswire/ -- Dominion Resources
Black Warrior Trust (NYSE: DOM), ("Dominion") announced today that
it received a letter from Walter Energy, Inc. stating that it filed
a petition for relief under Chapter 11 of the U.S. Bankruptcy Code
on July 15, 2015 and that is has an
agreement with lenders regarding a
pre-negotiated restructuring plan. In the letter, Walter
advised the Trust that it is not permitted to pay obligations that
arose prior to July 15, 2015,
("pre-petition obligations") including royalty payments.
Specifically, the Trustee was informed by Walter Energy, Inc. that
it will not be paying the distribution to the Trust, which would
normally be paid by August 14, and
normally would include royalty payments for the production months
of April, May and June 2015, as well
as the portion of any future quarterly distributions relating to
production attributable to periods prior to July 15, 2015.
The Trustee has engaged counsel and will take appropriate action
to protect the royalty payments and assets of the Dominion
Resources Black Warrior Trust.
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SOURCE Dominion Resources Black Warrior Trust