PATERSON, N.J., Feb. 3, 2009 (GLOBE NEWSWIRE) -- Quest Minerals & Mining Corp. (OTCBB:QMLM) (Frankfurt:QMNB), a Kentucky based operator of energy and mineral related properties, today announced that the U.S. Bankruptcy Court for the Eastern District of Kentucky has approved the Second Amended Disclosure Statement and Third Amended Plan of Reorganization for Quest's subsidiary, Gwenco, Inc. The Court also authorized Gwenco to begin soliciting approval from its creditors for the Plan of Reorganization. With these developments, Gwenco is on schedule to emerge from Chapter 11 protection during the second calendar quarter of 2009.
Eugene Chiaramonte, Jr., President of Quest, said, "Court approval of the Disclosure Statement and authorization to begin the solicitation of creditor approval of Gwenco's Plan of Reorganization represents an important step toward emerging from bankruptcy. We are confident that the Plan of Reorganization will be confirmed at the confirmation hearing, which would put us on schedule to emerge from Chapter 11 during the second calendar quarter of 2009."
The Bankruptcy Court order found that Gwenco's Disclosure Statement was adequate for the purposes of soliciting creditor approval for the Plan of Reorganization. The Disclosure Statement also resolved all prior creditor objections, and all objecting creditors agreed to entry of the order.
A confirmation hearing for the Court to consider approval of the Plan of Reorganization has been scheduled for March 17, 2009. In February, Gwenco will begin mailing notice of the proposed confirmation hearing and begin the process of soliciting approvals for the Plan of Reorganization from voting creditors. Assuming the requisite approvals are received and the Court confirms the Plan under Gwenco's current timetable, Gwenco should emerge from Chapter 11 protection during the second calendar quarter of 2009.
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.