Struggling U.S. coal miner Foresight Energy LP and a group of bondholders are closing in on a deal in which billionaire founder Chris Cline would inject cash to repay the creditors, Bloomberg News reported yesterday. The company, which faces a deadline for resolving the dispute with bondholders who claim they are owed more than $600 million, needs an agreement to help stave off bankruptcy amid the worst coal downturn in decades. Under the deal being discussed, Cline would buy some or all of that debt. Cline may also invest capital in Foresight’s part-owner Murray Energy Corp. A group of the miner’s senior secured debt holders are seeking a consent fee to agree to any terms.
