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Blackjewel Announces Asset bid Update

Coal News - Published on Tue, 20 Aug 2019

Image Source: WYMT
Blackjewel, LLC announced that it and certain affiliated entities had filed voluntary petitions for reorganization under Chapter 11 of the Bankruptcy Code in the US Bankruptcy Court for the Southern District of West Virginia. On July 25, 2019, Contura announced that one or more of its subsidiaries would seek to serve as the stalking horse purchaser for certain assets offered for sale through Blackjewel’s bankruptcy proceedings. Specifically, Contura would acquire substantially all of the assets of the Belle Ayr and Eagle Butte thermal coal mines in the Powder River Basin in Campbell County, Wyoming, including related facilities and equipment, as well as substantially all of the assets of the S-7 Surface metallurgical coal mine, in Fayette County, West Virginia, including related facilities and equipment.

As part of an auction process, Contura’s bid was accepted by the debtor and subsequently approved by the US Bankruptcy Court on August 6, pending resolution of the US government’s outstanding objection to the sale and the entry of a final order by the Court. Since that time, Contura has been in diligent discussions with the debtor and the relevant federal agencies, though no agreement has yet been reached.

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Posted By : Sanju Moirangthem on Tue, 20 Aug 2019
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