Tag: Alpha Natural Resources

W.Va. Objects to Alpha Natural Sale to Hedge Fund

West Virginia’s environmental authority has filed an objection to the proposed $500 million sale of Alpha Natural Resources’ assets to a hedge fund, arguing that the deal could leave the state holding hundreds of millions in reclamation liabilities.

The Register-Herald reports that the Department of Environmental Protection filed the objection this week over concerns that a bankruptcy judge’s approval of the proposed sale would tilt the process in favor of the hedge fund and institutional investors by having the coal company’s major assets be sold off to Alpha’s senior lenders.

The state says West Virginia would be forced to accept costly concessions or risk liquidation.

The DEP says the Bristol, Virginia-based company had an obligation of $237 million, as of last month. It filed for bankruptcy protection in August.

Alpha Says Lenders Offer $500M for Coal Producer's Assets

Alpha Natural Resources says it has received a $500 million offer from existing lenders for the potential sale of the bankrupt coal producer’s core assets.

Bristol, Virginia-based Alpha announced the offer in a filing Monday in federal bankruptcy court in Richmond, Virginia.

The filing says the lenders have agreed to serve as the lead bidder. The offer would set the floor for an auction process that lets competitors make higher bids.

The offer includes all Alpha coal assets in Pennsylvania and Wyoming and some assets in Virginia and West Virginia Also included are natural gas holdings in Pennsylvania’s Marcellus Shale and its interest in a Newport News, Virginia coal export terminal.

Alpha filed for bankruptcy protection in August and says it hopes to emerge from bankruptcy by July.

Bankruptcy Judge OKs Alpha's Bond Deal with West Virginia

A bankruptcy judge has approved a deal resolving a reclamation bond dispute between coal operator Alpha Natural Resources and West Virginia regulators.

U.S. Bankruptcy Judge Kevin R. Huennekens’ order says the agreement is fair and equitable.

The order filed Tuesday in U.S. Bankruptcy Court in Richmond, Virginia, overruled an objection by several environmental groups.

Under the agreement, Alpha will reduce its self-bonded obligations and provide $39 million in financial commitments to back its remaining obligations.

The West Virginia Department of Environmental Protection had ordered Alpha to replace the self bonds with other forms of bonding after the company said it might no longer meet criteria for self-bonding. Alpha contended that the DEP didn’t have the authority under bankruptcy law to require it to replace the bonds.

Alpha Natural Resources Announces Layoffs Just Before the Holidays

Alpha Natural Resources continues to scale back its coal-mining operations.

Workers were told Friday at mines in West Virginia and Virginia that they were being laid off. The total in both states is more than 160, with the majority occurring in West Virginia, according to media reports.

Alpha cited a soft market for its coal in announcing the so-called reduction in force at four West Virginia mines. They’re in Raleigh and Boone counties.

In Virginia, 25 workers were laid off in Tazewell County.

Alpha plans to end operations at 23 properties in West Virginia, Virginia and Kentucky, among others. It’s part of a bankruptcy restructuring.

Alpha Natural Resources Plans to Sell Properties in 5 States

Coal operator Alpha Natural Resources plans to sell 23 mine properties in five states as part of its Chapter 11 bankruptcy case.

Bristol, Virginia-based Alpha says in a notice filed this week in bankruptcy court that Jan. 20 is the deadline to submit qualified bids or to file any objections to the sale. The filing expands a sale list of 16 properties submitted in October.

The latest notice lists 15 properties in West Virginia, four in Kentucky, one in Tennessee, one in Virginia, and one in Illinois. Another property, the Twin Star Surface Mine, is listed in both West Virginia and Virginia. Fourteen properties are active mining operations while the others are closed or in the process of being closed.

The Bristol Herald Courier first reported the filing.

Alpha Shares Being Delisted From NYSE

Coal producer Alpha Natural Resources says its shares will be delisted from the New York Stock Exchange.The Bristol, Virginia-based company says its…

Coal producer Alpha Natural Resources says its shares will be delisted from the New York Stock Exchange.

The Bristol, Virginia-based company says its shares were suspended by the NYSE because of their low price and the company is starting delisting proceedings. The stock last traded at 24 cents.

Alpha Natural Resources Inc. shares will trade over the counter starting Friday.

The company has announced the elimination of more than 800 jobs this year.

In recent years coal-mining companies in central Appalachia have struggled with low natural gas prices, dwindling coal seams, competition from other states and weaker market conditions while utilities and other companies have switched to cheap natural gas to generate electricity. In May, competitor Patriot Coal filed for bankruptcy for the second time in three years.

Alpha has operations in Kentucky, Pennsylvania, Virginia, West Virginia and Wyoming.

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