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Blackhawk Files for Bankruptcy

Coal News - Published on Tue, 23 Jul 2019

Image Source: The Wall Street Journal
A third mining company in a month in this area announced that it will file for bankruptcy. Coal producer Blackhawk Mining LLC filed for bankruptcy protection as expected, in a pre packaged deal with its lenders to turn much of its USD 1.1 billion in debt into equity in a Chapter 11 reorganization it aims to complete by late August. In papers filed in US Bankruptcy Court in Delaware, Chief Financial Officer Jesse Parrish proposed a hearing on August 28 for Blackhawk to argue for approval of its pre packaged reorganization plan, which he said represents a “comprehensive balance sheet restructuring.”

Blackhawk Mining, which operates mines in Floyd, Breathitt, Knott, Perry, Leslie and Magoffin counties, in West Virginia and in Indiana, this morning announced that it has reached agreements with “over 90% of its lenders” that will allow it to stay in business “with no disruption to employees, vendors, customers, or operations.”

Blackhawk, based in Lexington, made the announcement this morning. Its companies include Blue Diamond, Pine Branch, and Spurlock in Kentucky; Hampden Coal, Blue Creek Mining, Panther Creek, Kanawha Eagle and Rockwell Complex in West Virginia and Triad in southwestern Indiana.

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Posted By : Rabi Wangkhem on Tue, 23 Jul 2019
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