Last $8.09 USD
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As of 11:52 AM 04/16/14 All times are local (Market data is delayed by at least 15 minutes).

walter energy inc (WLT) Snapshot

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04/16/13 - $21.48
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walter energy inc (WLT) Details

Walter Energy, Inc. produces and exports metallurgical coal for the steel industry. The company operates through U.S. Operations, and Canadian and U.K. Operations segments. It also extracts, processes, markets, and/or possesses mineral reserves of thermal coal and anthracite coal, as well as produces metallurgical coke and coal bed methane gas. As of December 31, 2013, the company had approximately 386.3 million metric tons of recoverable reserves worldwide. It sells its metallurgical coal in Europe, Asia, and South America; and thermal coal primarily to large utilities and industrial customers located principally in Alabama, West Virginia, and the United Kingdom. The company was formerly known as Walter Industries, Inc. and changed its name to Walter Energy, Inc. in April 2009. Walter Energy, Inc. was founded in 1946 and is headquartered in Birmingham, Alabama.

3,600 Employees
Last Reported Date: 02/26/14
Founded in 1946

walter energy inc (WLT) Top Compensated Officers

Chief Executive Officer, Director and Member ...
Total Annual Compensation: $816.6K
Chief Financial Officer and Executive Vice Pr...
Total Annual Compensation: $447.0K
President of Canadian Operations
Total Annual Compensation: $343.8K
Executive Vice President, General Counsel and...
Total Annual Compensation: $412.1K
Chief Commercial Officer and Senior Vice Pres...
Total Annual Compensation: $396.2K
Compensation as of Fiscal Year 2013.

walter energy inc (WLT) Key Developments

Walter Energy, Inc. Begins Idling its Canadian Operations; Provides Production Results for 2013

Walter Energy, Inc. begin idling its Canadian operations, including the Wolverine and Brazion coal mines in British Columbia, in April 2014. The company will place its Wolverine mine (located near the district municipality of Tumbler Ridge) on idle status effective immediately. Brazion (which includes the operations of Brule and Willow Creek and is located near the district municipality of Chetwynd) will continue to operate the Brule mine but expects to idle the mine by July 2014. The company will continue to operate its preparation plants at these mines to complete processing of coal that already has been mined and is in inventory. For 2013, coal production from Wolverine, which produces mid-volatile hard coking coal, was 1.6 million metric tons, while the Brazion mines produced approximately 1.9 million metric tons of low-vol PCI and 0.1 million metric tons of hard coking coal. As of December 31, 2013, Walter Energy had approximately 1.1 million metric tons of coal in inventory in Canada.

Walter Investment Management Corp. Countersues Walter Energy Inc. for Alleged Breach of Contract and Damages for Failing to Repurchase Certain Mortgage Lending Obligations

Walter Energy Inc. was countersued April 3, 2014 by Walter Investment Management Corp. for alleged breach of contract and damages for failing to repurchase certain mortgage lending obligations. Walter sued WIMC, a former affiliate, on March 12 in the U.S. District Court for the Northern District of Alabama. Tampa-based WIMC filed its suit against Walter in U.S. District Court for the Middle District of Florida. The parties signed a transition services agreement governing reimbursement for mutual services. Also in 2009, they signed a joint litigation agreement, or JLA, allocating responsibility for litigation involving their respective businesses. The JLA states that WIMC is responsible for litigation involving mortgage lending, Walter said. According to Walter, WIMC sent a notice of arbitration on Nov. 15, 2013, involving certain mortgage lending accounts acquired in the spinoff. On Dec. 9, 2013, Walter said the claims were outside the scope of the JLA and the 1983 agreement does not apply. Walter said the 1983 agreement did not include an arbitration clause, and neither the reverse merger agreement nor the transition services agreement refers to the 1983 agreement. Walter asked the court to find that the mortgage dispute is not subject to arbitration under either the 1983 agreement or the JLA. In its countersuit, WIMC said Walter is required under the 1983 agreement to help in collecting, and in some cases to repurchase, delinquent accounts. Both parties dutifully performed under the 1983 agreement for many years. Since the companies have no longer been affiliated, that spirit of cooperation has vanished, WIMC said. WIMC said the 1983 agreement is a valid and binding contract, the company has substantially performed or otherwise been excused of its obligations, and all conditions of the agreement have been satisfied. The total unpaid balance under the mortgage accounts is $4.1 million, plus contingent liabilities totaling $1.5 million, WIMC said.

Walter Energy, Inc. Closes Offerings of $200 Million of Senior Secured Notes and $350 Million of Senior Secured Second Lien PIK Toggle Notes

Walter Energy Inc. announced the closing of its previously announced private offerings of $200 million aggregate principal amount of 9.500% Senior Secured Notes due 2019 and of $350 million aggregate principal amount of 11.0%/12.0% Senior Secured Second Lien PIK Toggle Notes due 2020. The Notes will be guaranteed by each of Walter Energy's current and future wholly-owned domestic restricted subsidiaries that from time to time guarantees any of Walter Energy's indebtedness or any indebtedness of any of Walter Energy's restricted subsidiaries.


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