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Westmoreland Coal with mines files for bankruptcy in Montana

Coal News - Published on Thu, 11 Oct 2018

Image Source: The Billings Gazette
Westmoreland Coal Co, the Colorado-based owner of three coal mines in Montana, filed for bankruptcy protection in federal court. Westmoreland owns the massive Rosebud Mine, which supplies coal to Colstrip's power plants, as well as the Absaloka Mine, a major source of revenue and well-paying jobs for the Crow Tribe. It owns a third, smaller mine in Savage, near the North Dakota border. The company announced that it has reached a restructuring support agreement with a majority of its lenders. An affiliated partnership, Westmoreland Resource Partners, also filed for Chapter 11 bankruptcy.

Mr Michael Hutchinson, Westmoreland's interim CEO, stated “After months of thoughtful and productive conversations with our creditors, we have developed a plan that allows Westmoreland to operate as usual while positioning Westmoreland for long-term success.”

The company announced earlier this year in its annual financial report that it was considering filing for bankruptcy.

Westmoreland stated in its annual report, which was filed late in April “We may seek protection from our creditors under Chapter 11 of the United States Bankruptcy Code, or an involuntary petition for bankruptcy may be filed against us. Either of which could have a material adverse impact on our business, financial condition, results of operations, and cash flows and could place our shareholders at significant risk of losing all of their investment in our shares.”

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Posted By : Rabi Wangkhem on Thu, 11 Oct 2018
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