Bankruptcy Judge to Hear Plan to Sell 2 Wyoming Coal Mines
CASPER, WY. (AP) — A bankrupt coal company is proceeding with new plans to sell two Wyoming mines.
Milton, West Virginia-based Blackjewel plans to propose in a bankruptcy court hearing Wednesday to sell the Eagle Butte and Belle Ayr mines to Eagle Specialty Materials, a subsidiary of Jasper, Alabama-based FM Coal.
Blackjewel halted almost all Wyoming operations and furloughed hundreds of employees when it filed for bankruptcy July 1.
The West Virginia court earlier approved the mines’ sale to Bristol, Tennessee-based Contura Energy, a former owner and ongoing Wyoming permit-holder. Government officials seeking federal royalties have held up that deal.
The Casper Star-Tribune reports under the new deal, Contura would pay Eagle $90 million. Eagle would assume $237 million in reclamation liabilities and certain Blackjewel debts.
The new proposal also would require federal approval.
Information from: Casper (Wyo.) Star-Tribune, http://www.trib.com