Walter Energy Announces CCAA Filing to Pursue Sale of Walter Canada Assets

Walter Energy, Inc. (OTC Pink:

) today announced that its wholly-owned subsidiary Walter Energy Canada Holdings, Inc., the holding company for the Company's Canadian operations and Canadian subsidiaries (collectively, "Walter Canada"), has obtained creditor protection under the Companies' Creditors Arrangement Act (Canada) (the "CCAA") pursuant to an Initial Order granted on December 7, 2015 by the Supreme Court of British Columbia located in Vancouver, B.C. (the "Court"). The CCAA filing is intended to facilitate ongoing operations while Walter Canada pursues a marketing process for its Canadian assets and for its holdings in the United Kingdom, including assets owned by United Kingdom subsidiaries of Walter Canada ("Walter United Kingdom").  Walter Canada, Walter United Kingdom and their assets were not part of the U.S. chapter 11 filing and are not included in the asset purchase agreement that the Company entered into on November 5, 2015.  Under the terms of the Initial Order, KPMG will serve as the Court-appointed Monitor of Walter Canada.  Details of the CCAA filing and related matters will soon be available on the Monitor's website, www.kpmg.com/ca/walterenergycanada. Under the CCAA proceedings, it is expected that Walter Canada's operations will continue uninterrupted