Help Desk -
9958816305, 9810335381

Rhino Resource Partners LP Voluntarily Files for Relief under Chapter 11

Coal News - Published on Fri, 24 Jul 2020

Image Source: Rhino Resource Chapter 11
Rhino Resource Partners LP announced today that it, along with its subsidiaries and certain of its affiliates, has filed voluntary petitions for relief under Chapter 11 of the US Bankruptcy Code in the US Bankruptcy Court for the Southern District of Ohio. In connection with the filing, Rhino has obtained USD 11.75 million of post-petition financing and the support from a stalking horse bidder to acquire the company. Rhino intends to use the bankruptcy process to implement an orderly sale of substantially all of its assets in an effort to maximize value for all stakeholders and allow for the prospect of continued employment and business opportunities at its operating locations.

The company has also reached an agreement to obtain a USD 11.75 million debtor-in-possession loan from its prepetition lenders, which is intended to provide Rhino with liquidity necessary to operate its business while it pursues a value-maximizing transaction through the Chapter 11 process.

Rhino filed a motion on July 22, 2020 to authorize the execution of the asset purchase agreement with the stalking horse bidder and approve its sale process. Interested parties will have an opportunity to submit higher or otherwise better offers through the court-supervised competitive bidding process. Rhino has retained Energy Ventures Analysis Inc as its financial advisor to assist with the sale process.

Rhino Resource Partners produces a full range of mid to high Btu and low to medium sulfur steam coal for electric utilities across the United States. We also produce metallurgical coal, a key ingredient used by steel producers worldwide. Our available coal qualities span a broad range, which allows us to create a mix that matches a wide variety of customer specifications.

Source :

Posted By : Yogender Pancholi on Fri, 24 Jul 2020
Related News from Coal segment