https://www.bloomberg.com/news/articles/2019-07-19/blackhawk-files-chapter-11-joins-list-of-bankrupt-coal-miners
Blackhawk Files Chapter 11, Joins List of Bankrupt Coal Miners
By Jeremy Hill
July 19, 2019
Blackhawk Mining LLC filed for Chapter 11 court protection in Delaware,
adding to a growing list of bankrupt coal miners.
The Lexington, Kentucky-based company in court documents listed more
than $1 billion in debt, compared to $165 million in Ebitda last year.
Details of the filing were reported earlier this week, including its
plan to cut debt by about $650 million.
Cloud Peak Energy Inc., Blackjewel LLC and Cambrian Holding Co. are
among the coal mining companies that have gone bankrupt in the past
year. Blackhawk focuses on the more-profitable metallurgical coal that
is used in making steel, but still had to seek court protection to deal
with its debt pile, Chief Financial Officer Jesse Parrish said in a
court declaration.
Blackhawk has about 2,800 employees, mostly in Kentucky and West
Virginia. The company cut a restructuring deal with more than 90% of its
lenders before filing and aims to confirm its bankruptcy plan in August,
court papers show. Blackhawk has said the bankruptcy won’t disrupt
employees, vendors or customers.
The case is Blackhawk Mining LLC, 19-11595-LSS, U.S. Bankruptcy Court
District of Delaware (Delaware)
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