Post by Logan on Jul 8, 2016 4:55:10 GMT -6
A federal bankruptcy judge approved Alpha Natural Resources’ restructuring plan Wednesday, confirming a proposal that will split the mining firm into two companies and replace all its unsecured reclamation obligations in Wyoming.
The approval represents a victory both for the bankrupt coal company and environmentalists, who had long warned about the dangers posed by its form of cleanup insurance. The plan also calls for $13 million to fund 4,580 former employees’ health care benefits.
“Confirmation of Alpha’s plan represents the final court milestone in a complex, one-year restructuring process,” Alpha Chairman and CEO Kevin Crutchfield said in a statement.
Alpha’s marginal mines in Appalachia will remain with the Bristol, Virginia-based company. Its best properties, including its two Wyoming mines, will be sold to Contura Energy Inc., a new company backed by its senior lenders.
Read more: trib.com/business/energy/bankruptcy-court-approves-alpha-natural-resources-bankruptcy-plan-ends-self/article_9381b194-72bf-5248-b7bf-56f96f1c0ad1.html
The approval represents a victory both for the bankrupt coal company and environmentalists, who had long warned about the dangers posed by its form of cleanup insurance. The plan also calls for $13 million to fund 4,580 former employees’ health care benefits.
“Confirmation of Alpha’s plan represents the final court milestone in a complex, one-year restructuring process,” Alpha Chairman and CEO Kevin Crutchfield said in a statement.
Alpha’s marginal mines in Appalachia will remain with the Bristol, Virginia-based company. Its best properties, including its two Wyoming mines, will be sold to Contura Energy Inc., a new company backed by its senior lenders.
Read more: trib.com/business/energy/bankruptcy-court-approves-alpha-natural-resources-bankruptcy-plan-ends-self/article_9381b194-72bf-5248-b7bf-56f96f1c0ad1.html