Westmoreland Coal Company has emerged from Chapter 11 as a privately held company owned and operated by a group of its former creditors.
Through its plan of reorganisation, the company effectuated the sale of substantially all of their assets to a new entity, Westmoreland Mining LLC, created and controlled by the company’s former first lien creditors that enabled the business to emerge from the restructuring process with enhanced financial flexibility, a stronger balance sheet and a renewed ability to focus on providing reliable and affordable energy products. Post-bankruptcy, Westmoreland Mining’s assets include an extensive portfolio of coal mining operations, including five operating mines in each of Canada and the US supplying regional power producers, and one export mine in Canada. Westmoreland Mining’s assets will remain in operation under the same local leadership, and the business will continue operating in the normal course, preserving over a thousand jobs in the US and Canada. Westmoreland Resource Partners, LP, which owns the Kemmerer mine, remains in Chapter 11 and its mining assets have not been acquired by Westmoreland Mining.
Following the planned retirement of Michael Hutchinson from the company at the conclusion of the restructuring process, Martin Purvis will take on the role of chief executive officer for the emerging enterprise and David Stetson will serve as chairman for Westmoreland Mining. Both David and Martin have considerable experience in the resource industry and have been involved in major restructuring and corporate development of coal operations and assets over their careers.
Read the article online at: https://www.worldcoal.com/coal/18032019/westmoreland-emerges-from-chapter-11/