(RTTNews) - Foresight Energy LP (FLEP) announced Tuesday that, along with all of its subsidiaries, it has entered into a restructuring support agreement (RSA) with members of ad hoc lender groups, which hold more than 73% of the approximately $1.4 billion in claims under each of Foresight's first lien credit agreement and second lien notes.

To implement the RSA, Foresight Energy also filed voluntary petitions for relief under Chapter 11 to access $100 million in new financing.

Foresight Energy intends to finance its operations throughout Chapter 11 with cash on hand and access to a $100 million new money debtor-in-possession financing facility, subject to Bankruptcy Court approval. The DIP financing has been committed in full by the ad hoc lender groups.

The DIP Facility will be used to support ordinary course operations and payments to employees and suppliers throughout the restructuring process.

The Partnership has agreed to comply with certain milestones related to implementing its Chapter 11 plan and related restructuring process under the DIP Facility and RSA.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.