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Blackhawk Mining Restructuring will Make Them Stronger - Mr Parish

Coal News - Published on Fri, 19 Jul 2019

Image Source: Blackhawk Mining
WV Metro News reported that a coal operator in southern West Virginia is filing for Chapter 11 bankruptcy protection, but the outcome is expected to make for a stronger company with an improved forward looking forecast. Blackhawk Mining is restructuring its debt with creditors to keep the company in operation and with more flexibility. Mr Jess Parish, Blackhawk Chief Financial Officer, said that “What we’re doing is converting most of our debt into the equity of the new ownership of the company. From an operational standpoint, nothing is changing other than the company is a more secure party and a more secure place to work because there is less of a debt overhang on the business.”

Although, the coal industry has been on the upswing in recent years, Mr Parish noted it’s not without obstacles. Blakhawk had a great first quarter, but he added the company’s debt built up over the last few years had become unwieldy.

Mr Parish said that “The business is fine, the assets are fine, our employees are great. Frankly the first quarter of this year was one of the best quarters in the history of the business, it’s been the debt that’s the overhang.”

Source :

Posted By : Sanju Moirangthem on Fri, 19 Jul 2019
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