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Western Coal Acquisitions Partners bids for Kemmerer mine from Westmoreland Coal in Wyoming

Coal News - Published on Fri, 22 Feb 2019

Image Source: wyomingbusinessreport.com
The Associated Press reported that coal mine in southwest Wyoming has a new owner. According to documents filed in bankruptcy court in Texas on Tuesday, Virginia businessman Mr Tom Clarke was the sole bidder for the mine in Lincoln County. Mr Clarke's company, Western Coal Acquisitions Partners, will purchase the Kemmerer mine from Westmoreland Coal Co for USD 7.5 million in cash, a USD 112.5 million senior secured promissory note and a USD 95 million junior secured promissory note.

Mr Clarke's firm will also assume the Kemmerer coal mine's liabilities, minus contested costs of continuing health care benefits for retirees and their dependents. A union contract is also voided in the sale.

Westmoreland filed for bankruptcy in October, citing about USD 1 billion in debt and a troubled coal market. The mine employs about 300 workers.

Source :

Posted By : Rabi Wangkhem on Fri, 22 Feb 2019
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