(MENAFN- ProactiveInvestors)Debt-burdened Foresight Energy LP (NYSE:FELP) was a top riser on Wednesday morning after it winning a stay of execution from a group of bond holders. The shares shot up 45% to $1.80 as the coal mine operator said the extended term of forbearance agreement that was entered into on December 18 with certain holders of its 7.875% senior notes due 2021 had been extended to the end of this week. Bond holders claim they are owed more than $600mln by Foresight Energy after what they claimed was a change of control in the company that should have triggered a clause in lending agreements to repay creditors at a premium. The company has contemplated seeking protection from its creditors through Chapter 11 bankruptcy. According to news agency Bloomberg billionaire founder Chris Cline is prepared to play the role of white knight by injecting cash into the company to pay off creditors.
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