Westmoreland Coal Company's creditors are slated to take over its core assets after the company did not secure another qualified bid for its mines.
The creditors served as a stalking horse bidder during Westmoreland鈥檚 Chapter 11 proceedings and will acquire the coal producer鈥檚 core assets, including its Canadian business, which includes the mines in the Estevan area. Also included are operations at its San Juan and Rosebud mines, in exchange for debt relief.
Westmoreland cancelled a core asset auction scheduled for Jan. 22 since there were no other bidders, according to a Jan. 21 filing with the U.S. Bankruptcy Court of the 小蓝视频ern District of Texas, Houston division.
The company received several bids for its Buckingham coal mine in Ohio and intends, pending the court鈥檚 approval, to sell the mine to an as-yet-unformed holding company for $1 million and pay between $16 million and $20 million to the same entity to take on the assets of another 15 Ohio and Kentucky mines.
Westmoreland said in the filing that it received bids for other non-core assets.
The Westmoreland Coal Company filed for bankruptcy back in October.聽
