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

Women’s quarter finals day at Wimbledon

first_imgThe pair were involved in an enthralling last-16 contest last night that had to be suspended due to bad light.Djokovic had fought back from two sets to love behind to level the match on two sets apiece when the two players were called off the court.It’s also Women’s quarter-final day at Wimbledon with top seed Serena Williams up against Victoria Azarenka. Maria Sharapova aims to reach the quarter-finals of Wimbledon for the first time since 2011.The 2004 champion faces American Coco Vandeweghe who’s already knocked three seeds out of the tournament.last_img read more

BSE eyes 10 times faster trading speed in next few months

first_imgFrom Barun Jha Hong Kong, Sep 20 (PTI) Leading stock exchange BSE expects the speed of trade on its platform to rise to 20 micro seconds in the next few months, from 200 micro seconds currently. With trading speed touching 20 micro seconds, the BSE would also become the top three fastest stock exchanges in the world, its Managing Director & CEO Ashishkumar Chauhan said. “BSEs high speed BOLT PLUS system is already the fastest trading platform in the country with a response time of 200 micro seconds for trade executed on it. We will take it to 20 micro seconds in the next few months,” Chauhan told PTI. He is here to attend the global investors meetings addressed by Finance Minister Arun Jaitley. Increasing the trading speed to 20 micro seconds will “put the Indian stock market on the global map and the BSE will become one of the top three fastest stock exchanges in the world”, Chauhan said. The high speed or algorithmic trading refers to orders on bourses that are generated using high-frequency and automated execution logic. In late 2013, the BSE had upgraded its technology platform to BOLT PLUS, which is based on the global giant Deutsche Boerses trading architecture. More than 900 brokers with over 1,00,000 branches and millions of retail investors are on the BOLT PLUS system. Global investors are looking at India for potential growth opportunities and over a period of time, foreign institutional investors have been showing increased interest in the Indian market. Meanwhile, the Securities and Exchange Board of India (Sebi) is making efforts to increase retail participation in the Indian stock market — which has given returns of more than 15 per cent compounded rate year after year on a long-term basis. PTI BJ RAM MKJadvertisementlast_img read more