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

Faraday Futures Backbone Of The Company Departs

first_imgMore bad news from Faraday these days.According to The Verge, Peter Savagian – Senior VP, Engineering at Faraday Future – departed the company, which could be another major blow after problems with raising capital to complete and launch its electric car FF 91.Savagian was former chief engineer of GM’s EV1 (18 years at GM in total), and joined FF in 2016 becoming one of the key people in the company leading the development of the powertrain and battery:““He’s the backbone of the company,” says one former employee who requested anonymity because they signed a nondisclosure agreement. “That was THE guy,” says another.” Faraday Future Faraday Future sadly was forced to cut salaries and lay off workers. As we understand, without a new investor there is little chance that the company will finally deliver the product.The article notes that there are still other execs on-board, like former director of Tesla Model S manufacturing – Dag Reckhorn..embed-container { position: relative; padding-bottom: 56.25%; height: 0; overflow: hidden; max-width: 100%; } .embed-container iframe, .embed-container object, .embed-container embed { position: absolute; top: 0; left: 0; width: 100%; height: 100%; }Source: The Verge Faraday Future Cuts Salaries, Lays Off Workers in Attempt To Stay Afloat Source: Electric Vehicle Newscenter_img Faraday Future Reports Problems With Evergrande Health’s Investment Faraday Future Wins Arbitration, Releases New Teaser Video Author Liberty Access TechnologiesPosted on October 30, 2018Categories Electric Vehicle Newslast_img read more