Blackjewel's coal assets sold at auction; hearing Monday

[TexasTowelie]

CHARLESTON, W.Va. — Contura Energy has made a successful bid at an auction for the assets of three Blackjewel LLC coal mines, including two of the top producers in the country.

The results are subject to a federal bankruptcy judge’s approval Monday in Charleston. The judge ordered the parties to post the outcome by a Sunday morning deadline after he had heard nothing when the auction went into a third day Saturday.

Bristol, Tenn.-based Contura Energy’s $33.75 million bid was an increase from its original offer of $20.6 million as the stalking horse bidder for the Eagle Butte and Belle Ayr mines in Wyoming and Pax Surface Mine in Scarbro, W.Va. They’ve been closed since Blackjewel filed for Chapter 11 bankruptcy protection July 1.

Successful bids totaling $59.44 million also were made for Milton, W.Va.-based Blackjewel’s other eastern U.S. assets.

Read more: https://triblive.com/news/wire-stories/blackjewels-coal-assets-sold-at-auction-hearing-monday/
(Pittsburgh Tribune Review)

Cross-posted in the West Virginia Group.

[Wellstone ruled]

1. So,what new Coal Burning Power Station is about to open?

What does Contura know that no one else knows. Out side of a few Tax Payer supported Plants in the Atlantic region which already have Contracts with Mines,are we about to see Hamburgers made from Coal.

Talk about something that does not make economic sense.