Post by Logan on May 11, 2016 10:23:49 GMT -6
Feds say Alpha Natural Resources is planning a liquidation, not restructuring
LANDER, Wyo. — Federal officials lambasted Alpha Natural Resources’ restructuring plan in court documents filed Tuesday, saying the Virginia-based firm’s proposal lacked sufficient details and was more akin to a liquidation.
The objections of the U.S. Trustee present a hurdle in Alpha’s attempts to emerge from Chapter 11 protection. They come in advance of a hearing next week that will determine whether the company’s plan will proceed, and amid a flurry of new developments.
A federal bankruptcy judge on Monday approved the company’s request to reject labor contracts and retiree benefits for unionized employees. The move is expected to save the company $60 million, Reuters reported.
A hearing on Alpha’s request to eliminate benefits for nonunion miners is scheduled for May 17. None of the company’s Wyoming employees is represented by a union.
Read more: billingsgazette.com/news/state-and-regional/wyoming/feds-say-alpha-natural-resources-is-planning-a-liquidation-not/article_fb31d624-e9e0-5002-8659-3cb200d19acc.html
LANDER, Wyo. — Federal officials lambasted Alpha Natural Resources’ restructuring plan in court documents filed Tuesday, saying the Virginia-based firm’s proposal lacked sufficient details and was more akin to a liquidation.
The objections of the U.S. Trustee present a hurdle in Alpha’s attempts to emerge from Chapter 11 protection. They come in advance of a hearing next week that will determine whether the company’s plan will proceed, and amid a flurry of new developments.
A federal bankruptcy judge on Monday approved the company’s request to reject labor contracts and retiree benefits for unionized employees. The move is expected to save the company $60 million, Reuters reported.
A hearing on Alpha’s request to eliminate benefits for nonunion miners is scheduled for May 17. None of the company’s Wyoming employees is represented by a union.
Read more: billingsgazette.com/news/state-and-regional/wyoming/feds-say-alpha-natural-resources-is-planning-a-liquidation-not/article_fb31d624-e9e0-5002-8659-3cb200d19acc.html