Sale of Kemmerer Mine Falls Through
KEMMERER, WY. (AP) — Ownership of a southwest Wyoming coal mine is uncertain as the deal to purchase the mine appears to have fallen through.
The Kemmerer mine is owned by Westmoreland Resource Partners. As part of the bankruptcy process, Westmoreland was set to sell the coal mine to businessman Tom Clarke for $7.5 million in cash and more than $200 million in secured promissory notes.
However, the Casper Star-Tribune reports that some creditors of Westmoreland objected to Clarke closing the Kemmerer deal before providing bonding terms.
Clarke disputed that he had failed to secure bonding. He maintained that he had secured bonding, but the lenders simply wouldn’t take the deal.
Information from: Casper (Wyo.) Star-Tribune, http://www.trib.com