PATERSON, N.J., Sept. 16, 2009 (GLOBE NEWSWIRE) -- Quest Minerals & Mining Corp. (Pink Sheets:QMIN) (Frankfurt:QMN9), a Kentucky based operator of energy and mineral related properties, today announced that the U.S. Bankruptcy Court for the Eastern District of Kentucky confirmed the Plan of Reorganization for Quest's subsidiary, Gwenco, Inc., setting the stage for Gwenco's emergence from Chapter 11 in the fourth quarter of 2009.
At yesterday's hearing, the U.S. Bankruptcy Court Judge Joseph M. Scott, Jr. ruled that all the necessary requirements have been met for Gwenco to implement its Third Amended Plan of Reorganization. Secured and non-priority unsecured classes of creditors voted to approve the plan, with over 80% of the unsecured claims in dollar amount voting for the plan, and over 90% of responding lessors supporting it.
"This is a great day for Quest and Gwenco. In reaching our confirmation, we have accomplished a major goal of restructuring our company and creating a stronger Quest," said Eugene Chiaramonte, Jr., President of Quest. "As we emerge, the recapitalization of Gwenco will be complete. We have restructured the legacy debt, improved our liquidity, and stabilized the operations. Our emergence also coincides with several other positive steps we have recently undertaken, which include the expansion of our board of directors, our increase in customer orders, our installation of newer and more reliable coal-producing equipment, and the retention of additional experienced operational personnel. As a result of these efforts, we are now consistently producing increased amounts of coal in a more efficient manner, and we anticipate that our efficiency and production will continue to improve as we reach increased coal seams. I want to thank our customers, vendors, creditors, and stockholders for supporting the company through this challenging period."
The Plan of Reorganization will be filed as an exhibit to a current report on Form 8-K, which will be available via the SEC's EDGAR system at www.sec.gov. The Plan of Reorganization will also be available via the court's website at www.kyeb.uscourts.gov. Please note that a PACER password is required to access the documents via the court's website. Gwenco's bankruptcy case number is 07-10081.
About Quest Minerals & Mining
Quest Minerals & Mining Corp., or Quest, acquires and operates energy and mineral related properties in the southeastern part of the United States. Quest focuses its efforts on properties that produce quality compliance blend coal. For more information on Quest Minerals & Mining Corp., please visit our website at www.questmining.net.
Forward-Looking Statements
This document contains discussion of items that may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although Quest believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Factors that could cause actual results to differ from expectations include, but are not limited to, lack of revenue producing operations, lack of working capital, debt obligations, judgments and lien claims against Quest and certain of its assets, difficulties in refinancing short term debt, difficulties identifying and acquiring complementary businesses, fluctuations in coal, oil & gas, and other energy prices, general economic conditions in markets in which Quest does business, extensive environmental and workplace regulation by federal and state agencies, other general risks related to its common stock, and other uncertainties and business issues that are detailed in its filings with the Securities and Exchange Commission.