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Name | Symbol | Market | Type |
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Dominion Resources Black Warrior Trust (CE) | USOTC:DOMR | OTCMarkets | Trust |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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0.00 | 0.00% | 0.000001 | 0.00 | 01:00:00 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) September 16, 2015
DOMINION RESOURCES BLACK WARRIOR TRUST
(Exact name of Registrant as specified in its charter)
Delaware | 1-11335 | 75-6461716 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
Royalty Trust Management Southwest Bank 2911 Turtle Creek Boulevard Suite 850 Dallas, Texas |
75219 | |
(Address of principal executive offices) | (Zip Code) |
Registrants telephone number, including area code: (855) 588-7839
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 8.01 Other Events.
On September 16, 2015, Dominion Resources Black Warrior Trust issued a press release announcing updated information on the bankruptcy proceedings of Walter Energy, Inc., as previously announced in the press releases issued on July 28, 2015 and August 19, 2015. The press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
d. | Exhibits |
99.1 Press Release dated September 16, 2015.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
DOMINION RESOURCES BLACK WARRIOR TRUST
BY: SOUTHWEST BANK, TRUSTEE | ||
By: | /s/ RON E. HOOPER | |
Ron E. Hooper SVP Royalty Trust Management |
Date: September 16, 2015
EXHIBIT INDEX
Exhibit |
Description | |
99.1 | Press Release dated September 16, 2015 |
Exhibit 99.1
DOMINION RESOURCES BLACK WARRIOR TRUST
Press Release |
Dominion Resources Black Warrior Trust Announces Further
Updated Information on Walter Energy, Inc. Bankruptcy Proceedings
DALLAS, September 16, 2015 /PRNewswire/ As previously announced, Southwest Bank, the trustee of the Dominion Resources Black Warrior Trust (the Trust) was informed by Walter Energy, Inc., the parent of Walter Black Warrior Basin LLC (the Company), stating that it, together with certain of its subsidiaries and affiliates, including the Company (Debtors) filed a petition for relief under Chapter 11 of the U.S. Bankruptcy Code with the United States District Court for the Northern District of Alabama Southern Division on July 15, 2015 and that it has an agreement with lenders regarding a pre-negotiated restructuring plan. In the letter, Walter Energy, Inc. advised the Trust that it is not permitted to pay obligations that arose prior to July 15, 2015, 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 received no assurances regarding the status of distributions relating to production for periods after July 15, 2015.
On the date the bankruptcy was filed in a series of first day motions the Debtors filed motions relating to the use of cash collateral and cash management, which provide that cash held by the Debtors and certain other property constitute collateral of the Debtors lenders subject to protective liens and permit use of a zero balance cash management system where receipts from operations including Debtors gas operations could be swept into certain concentration or disbursement accounts containing other cash. The motions do not separately segregate or provide separate treatment for production proceeds relating to the Trusts overriding royalty interests. The Trustee filed (i) a motion asking the court to reconsider and amend the Debtors cash management order to provide for segregation of production proceeds relating to the Trusts overriding royalty interests, (ii) an objection to the cash collateral motion seeking protections based on the Debtors use of the production proceeds, and (iii) a separate lawsuit seeking various forms of relief including a temporary restraining order for segregation of production proceeds relating to the Trusts overriding royalty interests and judicial confirmation that such proceeds are not property of the Debtors bankruptcy estate.
A hearing was held August 18, 2015 where the court denied the Trusts motion to reconsider the Debtors cash management order and denied the Trusts request for a temporary restraining order. Subsequently, the Trustee dismissed the lawsuit, but continued to urge its objections in connection with the Debtors cash collateral motion. A hearing on the Trusts objection (and other objections) to the Debtors cash collateral motion was held September 2 and 3, 2015. On September 14, 2015, the court issued its ruling on the Debtors cash collateral motion and denied the Trustees request for protections based on the Debtors use of the production proceeds including segregation of the production proceeds and a requirement for continued distributions of production proceeds to Dominion in the ordinary course of business. The Trustee continues to evaluate legal options with respect to the Trust.
* * *
Contact:
Ron Hooper
Senior Vice President
Southwest Bank, Trustee
Toll-free 1-855-588-7839
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