Bankruptcy judge okays Westmoreland plan to sell Kemmerer mine to lenders

first_imgBankruptcy judge okays Westmoreland plan to sell Kemmerer mine to lenders FacebookTwitterLinkedInEmailPrint分享The Wall Street Journal ($):Westmoreland Coal Co. is set to unload its Wyoming mine to lenders after an earlier deal to sell the mine fell through.Judge David R. Jones of the U.S. Bankruptcy Court in Houston on Wednesday granted Westmoreland’s request to sell its Kemmerer mine complex to its lenders. The sale still needs to close. It also depends on the buyers striking a new collective bargaining agreement with a mine workers union.Lenders are using debt they are owed by Westmoreland to acquire the mine. Kemmerer was acquired via the lenders’ credit bid, which was worth at least $300 million, court papers show. A credit bid allows lenders to use debt they are owed as payment for an asset. The lender group is also assuming certain liabilities tied to the mine, according to court documents.The Wyoming mine wasn’t among the collection of mines lenders acquired earlier during Westmoreland’s chapter 11 bankruptcy. Westmoreland’s mines are now owned by a new lender-controlled company, Westmoreland Mining LLC, which left chapter 11 earlier this year.Kemmerer, meanwhile, was expected to be sold earlier this year to a company owned by businessman Thomas Clarke. That deal fell through, so Westmoreland struck an alternative transaction with its creditors. On Wednesday, Judge Jones also approved related settlements and a liquidation plan related to the Kemmerer sale.Westmoreland acquired the Kemmerer mine from Chevron Mining Inc. for approximately $179 million in 2011, court papers say. The company filed for chapter 11 protection in October 2018, citing high debt and the decline of its thermal coal mining business.More ($): Westmoreland Coal cleared to sell Wyoming mine to lenderslast_img read more

Right to Dream qualify for Gothia Cup semi-finals

first_imgRight to Dream Academy’s U-18 team has qualified for the semi finals of the ongoing Gothia Cup after thrashing Swedish Mjall by 3:0 in their quarter final clash on Thursday 18th July, 2013.Collins Tanor opened the scoring in the 29th minute before Divine Naah and Aremeyaw Muntari sealed victory for the Old Akrade team with further goals in the second half.Speedster Thomas Yeboah helped set up all three goals for his team by playing the final pass to his teammates.Divine Naah has thus confirmed his status as one of the best strikers in the tournament, scoring four goals in four matches.Ex National Under 17 team captain Thomas Agyepong and Yaw Yeboah have scored two goals each.Gareth Henderby’s team will play the winner of the IF Brommapojkarna vs. Gefle IF game on Friday for a place in the final. The Ghanaian team, who are participating in their first Gothia Cup tournament in the B17 Class category, topped Group 4 following victories over Landscrona, HJK Helsinkin and BK Hacken earlier in the competition.Reports indicate that the U-18’s have received massive support from the Ghanaian community in the Gothenborg area throughout their matches.The team have impressed spectators with their excellent ball movement and speed, coupled with their “alkaida” goal celebrations.RtD has a good reputation in Swedish football following the exploits of some of Academy’s graduates there. Striker Abdul Majeed Waris won the goal king award with Swedish top flight club BK Hacken last season.There are currently four RtD graduates playing in Sweden including David Accam of Helsinborg and the Ostersunds FK trio of Thomas Boakye, Samuel Mensah and Isaac Shaze.last_img read more

BiH Representatives Visited Gruža Derby

first_imgThe tournament “Dubrovnik 2013”, which is taking place in Gruža in the vicinity of Dubrovnik on the playground of the elementary school Ivan Gundulić, was the scene of great football matches.BiH representatives Edin Džeko, Emir Spahić and Senijad Ibričić participated at the local tournament “Dubrovnik kup 2013” and visited the Gruža derby between the teams “Central” and “Gladijator Klub”, according to portal.“Central” team won with 5:2, and it is worth mentioning that every move of Senijad Ibričić, winner of the Hajduk heart award, was received with a thunderous applause.(Source: read more