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) August 19, 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)

Registrant’s 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 August 19, 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 release issued on July 28, 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 August 19, 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: August 19, 2015


EXHIBIT INDEX

 

Exhibit
Number

  

Description

99.1    Press Release dated August 19, 2015


Exhibit 99.1

DOMINION RESOURCES BLACK WARRIOR TRUST

Press Release

Dominion Resources Black Warrior Trust Announces Updated Information on Walter Energy, Inc. Bankruptcy Proceedings

DALLAS, TEXAS, August 19, 2015— 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 hearing was filed – in a series of “first day motions” – the Debtors filed motions relating to use of their cash collateral and cash management, which provide that Debtors’ cash 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. The motions do not separately segregate or provide separate treatment for production proceeds relating to the Trust’s overriding royalty interests. The Trustee filed motions asking the court to reconsider and amend the Debtors’ cash management order and has objected to the cash collateral motion seeking segregation of production proceeds relating to the Trust’s overriding royalty interests and judicial confirmation that such proceeds are not property of the Debtor’s bankruptcy estate.

A hearing was held August 18, 2015 where the court denied the Trust’s motion to reconsider the Debtors’ cash management order and denied the Trust’s request for a temporary restraining order. A hearing on the Trust’s motion regarding the Debtors’ cash collateral motion is scheduled for September 2, 2015. The Trustee has additionally filed a separate action seeking declaratory judgment that the Trust’s overriding royalty interests and related production proceeds are not property of the debtors’ bankruptcy estate and seeking a preliminary injunction against the debtor to prevent it from (1) co-mingling the production proceeds with other funds of the debtor; (2) placing any lien or encumbrance on the production proceeds and (3) refusing to make distributions in accordance with the Conveyance governing the overriding royalty interests and Alabama law. 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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