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

ICC World Cup ICC World Cup 2019 | Indian team touchdown London; here are pictures

first_imgIndia will play their first league game against South Africa. Virat Kohli will lead Indian team for the first time in 50-over World Cup. MS Dhoni will play his fourth World Cup.  New Delhi: The Indian team departed in the late hours on Tuesday for England and Wales to begin their preparations for the all-important ICC Cricket World Cup 2019 which is set to start on May 30. The Virat Kohli-led side will be all geared up for the mega-event as almost every cricket pundit believes they can turn the show. The likes of Shikhar Dhawan, Rohit Sharma, Mohammad Shami, Bhuvneshwar Kumar, and Ravindra Jadeja will be seen playing their second 50-over World Cup. Virat Kohli and MS Dhoni are too most experienced campaigners in Indian line up. The Men in Blue have had good preparations for the ICC mega event with the recently concluded Indian Premier League. While some cricketers have displayed good form ahead the marquee event, others would be looking to reflect upon their poor performances and get things right on time before the first game. highlights India will be kick-starting their campaign at Rose Bowl in Southampton against South Africa on 5th June. Before that, India will also be playing two warm-up games against New Zealand and neighbours Bangladesh.Standing at the No.2 position in the ICC ODI rankings and also boasting of some great batsmen in their ranks alongside a formidable bowling line-up, India are amongst the favourites to win the World Cup.The Indian team, after travelling from Mumbai to Dubai, has finally reached London, where they will begin their homework. In this scenario, the official twitter account of the Board of Control for Cricket in India (BCCI) posted a picture which was captioned, “Touchdown London #TeamIndia”. Here’s the Twitter post: For all the Latest Sports News News, ICC World Cup News, Download News Nation Android and iOS Mobile Apps.last_img read more