Alpha Natural Resources has emerged from Chapter 11 bankruptcy – but as a substantially smaller company, having sold its core assets to Contura Energy, a new company set up by Alpha’s first-lien creditors.
The reorganised company will be privately held and operate 18 mines and eight preparation plants in West Virginia and Kentucky. David Stetson, a coal industry veteran with leadership experience at Trinity Coal, RAAM Global Energy and JW Resources, has been appointed CEO, replacing Kevin Crutchfield, who takes the helm at Contura Energy.
“By completing this restructuring, ANR emerges as a company with a solid financial foundation and a strong team to continue to mine and sell coal,” said Stetson.
“We are now also better positioned to satisfy ANR’s environmental responsibilities. I am confident – even though coal markets continue to be challenged by both competitive and regulatory pressures – the company created by our Plan of Reorganisation will have the structure, resources and talent to successfully weather these challenges.”
Edited by Jonathan Rowland.
Read the article online at: https://www.worldcoal.com/coal/27072016/alpha-emerges-from-chapter-11-bankruptcy-2016-2087/