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DFI Endorses Actions to Provide Relief to Blackjewel Coal Employees

Coal News - Published on Fri, 12 Jul 2019

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Blackjewel LLC, a coal company employing approximately 1,100 people in Kentucky, Virginia and West Virginia, filed for Chapter 11 bankruptcy protection on July 1st 2019. The bankruptcy filing caused paychecks that had been issued to Blackjewel LLC employees to be “clawed-back” from employee bank accounts into the bankruptcy estate. The Kentucky Department of Financial Institutions encourages depository institutions to work with impacted customers.

Governor Mr Matt Bevin, said that “Thanks to Harlan County Judge-Executive Dan Mosley bringing this need to DFI, and the prompt response from Secretary Gail Russell and Commissioner Charles Vice, we are working quickly to issue appropriate guidance to state-chartered depository institutions that assist those affected by the Blackjewel bankruptcy. Kentuckians are known for lending a helping hand in times of need, and I am confident that we will continue to come together to support our dedicated coal miners at this time and in the coming months and years.”

In the wake of the bankruptcy, DFI encourages Kentucky state-chartered depository institutions to work constructively with affected customers and members.

DFI suggests depository institutions take the following actions:

Waive overdraft and/or minimum balance fees
Restructure existing loans
Extend loan repayment terms
Ease terms for new loans

Source :

Posted By : Rabi Wangkhem on Fri, 12 Jul 2019
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