Walter Energy sells non-core US assets to Seminole Coal Resources
Published by Harleigh Hobbs,
Editor
World Coal,
Walter Energy Inc. has closed the previously-announced sale of certain US non-core assets to Seminole Coal Resources LLC, ERP Compliant Coke LLC and ERP Environmental Fund, Inc. (Seminole), all affiliates of ERP Compliant Fuels, LLC (ERP) and Virginia Conservation Legacy Fund Inc. (VCLF).
Under the terms of the agreement, Seminole has acquired Walter Energy's assets in West Virginia, including the Gauley Eagle and Maple properties, as well as the Walter Coke facility and Taft in Alabama.
As part of the acquisition, Seminole assumes certain liabilities related to the assets it is acquiring. The agreement was previously approved by the Bankruptcy Court for the Northern District of Alabama in connection with a court-approved sale process under section 363 of the Bankruptcy Code.
On 15 July 2015, Walter Energy and its US subsidiaries filed for relief under chapter 11 of the US Bankruptcy Code in the Bankruptcy Court for the Northern District of Alabama.
With the close of this sale, Walter Energy's remaining US assets consist of its core Alabama coal operations. The sale of those assets to its senior lender group was also approved by the Bankruptcy Court and is expected to close in the near future.
Edited from press release by Harleigh Hobbs
Read the article online at: https://www.worldcoal.com/coal/15022016/walter-energy-sells-non-core-us-assets-to-seminole-coal-resources-236/
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