Coal Asset Auctions reviewed by bankruptcy court on February 9th. ANR. was scheduled to hold auctions last week as they try to raise capital by selling assets. Bids for Alpha’s mines were due by January 20th and will be reviewed by a bankruptcy court on February 9th. Interestingly earlier this month Walter Energy sold most of its coal-mining operations for an unexpected high amount (around $1 billion)!!!!. Similarly, auction could be a big boost for ANRZ’s pps and restructuring. See: 247wallst.com/energy-business/2016/01/24/coal-asset-auctions-coming-this-week/
Background: Alpha announced the selling of several idled mines in October as part of a bankruptcy restructuring plan, including the Edwight Surface Mine in Naoma and the Twilight Surface Mine partly located in Raleigh County. The Green Valley mine in Nicholas County is also on the for sale list. A few weeks later, the list was revised to include operational mines, including the Highlands surface and highwall mines, Hernshaw Mine, Cedar Grove No. 2 Mine and Alma Mine in Logan County, Black Castle surface and Highwall mines in Boone County, the Kielty Mine in both Mingo and Logan counties, Lower War Eagle Mine in McDowell County and Empire Surface Mine, Laurel Coalburg Mine, Republic Surface and Highwall Mines and Slabcamp Stockton Mine in Kanawha, Fayette and Raleigh counties. The company then added the Randolph/Inman Mine in Boone County. Last Monday, Alpha announced it will shutter eight mines in two West Virginia counties as the demand and price for coal continues to slip amid a changing financial landscape.
www.register-herald.com/news/alpha-natural-resources-mine-sale-slated-for-wednesday/article_128eaa9c-11d4-5e3d-a7aa-0f273ca50148.html